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On
Sunday, the price of Brent crude, the international standard,
rose 2.58% to to $103.91 per barrel. That’s below its heights
above $119 during the war, but it’s still much more expensive
than its roughly $70 level from late February before the
fighting began.
Aramco President and CEO Amin Nasser said the company's
East-West Pipeline, which runs across Saudi Arabia from its
Eastern oil fields to the Red Sea, is now operating at its
maximum capacity of 7 million barrels of oil per day. Nasser
said the pipeline is “helping to mitigate the impact of a global
energy shock and providing relief to customers.”
Still, that’s only a fraction of Aramco’s typical production.
Aramco produced 11.1 million barrels of oil per day in the
fourth quarter of 2025, for example.
Aramco reported a profit of $32.5 billion for the quarter ending
March 31, up 25% from the same period a year ago. The
state-owned company reported a 12% decline in annual profits in
2025.
Before the war, 20% of the world’s traded oil typically flowed
through the strait every day, as well as large supplies of
natural gas, fertilizer and other petroleum products. Iran
effectively seized control of the critical waterway after the
U.S. and Israel attacked it on Feb. 28. A U.S. naval blockade
imposed last month also complicates its use.
“Recent events have clearly demonstrated the vital contribution
of oil and gas to energy security and the global economy, and
are a stark reminder that reliable energy supply is critical,”
Nasser said in a statement. “Despite these headwinds, Aramco
remains focused on its strategic priorities and is leveraging
both its domestic infrastructure and its global network to
navigate disruption.”
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