00:00I was on an earnings call with the Aramco CEO Armin Nasser only a short time ago.
00:05He declined to comment on the current output levels, but also warned that the impact of the Strait of Hormuz
00:10closure now is already spreading well beyond the oil market.
00:14The disruption has caused a severe chain reaction, not only shipping and insurance, but there is also a drastic domino
00:25effect on ideation, agriculture, automotive and other industries.
00:32There will be a catastrophic consequences for the world's oil market the longer the disruption goes on and the more
00:41drastic the consequences for the global economy.
00:45While we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and
00:55gas industry has faced.
00:59Armin Nasser also warning energy markets are particularly vulnerable right now.
01:04He also said it is critical that chipping through the Strait of Hormuz resumes given the lack of available alternatives.
01:11Listen to this.
01:13With the current geopolitical crisis, global inventories, which are already at a five-year low, would see downwards at a
01:21faster rate.
01:22Global spare capacity is mostly concentrated in this region, so it is absolutely critical that chipping resumes in the Strait
01:33of Hormuz.
01:34Global spare capacity is mostly concentrated in this region because it is there.
01:34Professional sector has undefined bursting in the areas that have been absorbed byarm the seat to the building.
01:34Let's magical that we do and EPOCR use the 2 walking stand and the most вариasli to the building in
01:34the region.
01:34Grazie.
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