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00:02Saudi Aramco CEO Amin Nasser warned the global oil market may not normalize until 2027
00:08if disruptions in the Strait of Hormuz continue beyond mid-June, according to CNBC.
00:14Nasser said more than 600 ships are stranded in the Persian Gulf,
00:17and only two to five vessels are currently passing through Hormuz daily,
00:21compared with 70 before the war. He said the market is losing 100 million barrels of oil
00:27supply every week, the Strait remains closed, and has already lost more than 1 billion barrels.
00:33Nasser said Aramco increased capacity on its east-west petroline pipeline
00:37to 7 million barrels per day to redirect exports. He also warned that gasoline and jet fuel
00:43inventories are rapidly declining ahead of the summer travel season,
00:46as global tanker routes remain disrupted. For all things money, visit Benzinga.com.
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