Saudi Aramco CEO stated on Sunday that the world lost 1 billion barrels of crude oil in the last two months. Even if the flow of oil resumes, it will take some time for the energy markets to stabilize, even if the flow of oil returns.

Amin Nasser said in a?statement after Aramco announced a 25% increase?in net profits?in the first quarter.

Iran's blockade of Strait of Hormuz has severely reduced global energy supplies, causing shipping to be curtailed and prices to rise following the U.S./Israeli conflict.

"Reopening the routes is not the same as normalizing a?market that has been deprived?of about one billion barrels of oil," Nasser stated, adding that the years of underinvestment?have exacerbated the strain on the already-low global inventory.

Aramco used its East-West Pipeline in order to bypass the 'Hormuz Strait and transport crude oil to the 'Red Sea. Nasser called this asset a 'critical lifeline' to help mitigate the global supply crisis.

Despite changes in shipping routes, Nasser reiterated that Asia remains a top priority for the company. It is also central to global demand.

(source: Reuters)