Saudi Aramco CEO Nasser says the company can reach its maximum sustainable oil production capacity of 12mln bpd within three weeks if needed

Even if the Strait of Hormuz reopens today, it would still take months for the oil market to rebalance. The energy shock that began in Q1 is the largest the world has seen. If the Hormuz disruption continues for several more weeks, oil market normalisation may not occur until 2027. Aramco CEO says the company produced 12.6mln barrels of oil equivalent per day in Q1.