Aramco chief: East-West pipeline kept Brent below $200; Hormuz squeeze may last two years
Saudi Aramco chief executive Amin Nasser told a London energy conference that Brent could have reached $200 without the East-West pipeline, and that rebuilding stockpiles after a Hormuz reopening could take up to two years.
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The story, neutrally told
Centre · 1Saudi Aramco chief executive Amin Nasser said on Monday 5 October that Brent crude would have reached up to $200 a barrel if Saudi Arabia's East-West pipeline had not existed. The NationalN “Brent crude prices would have reached up to $200 per barrel if Saudi Arabia's” Read at The National ↗ Centre · 2Nasser spoke at the Energy Intelligence conference in London, saying Aramco can make its maximum sustainable production capacity of 12 million barrels per day available within days and that "Our system is intact". The NationalN “Amin Nasser told the Energy Intelligence conference in London on Monday. "Our system is intact,"” Read at The National ↗ Gulf NewsN “Speaking to Reuters at the Energy Intelligence conference in London” Read at Gulf News ↗ Centre · 1The National reported that Brent has traded around $100 a barrel over the past month, even as more tankers passed through the Strait of Hormuz. The NationalN “has traded around $100 a barrel over the past month, even as more tankers transited through the Strait of Hormuz” Read at The National ↗
Centre · 1The pipeline was temporarily halted after an attack last month; Aramco has since restored flows to about 80 per cent of capacity, giving it more oil to ship from the Red Sea, and has boosted shipments from Ras Tanura. The NationalN “The company has since brought flows on the East-West pipeline back to about 80 per cent of capacity” Read at The National ↗ Centre · 1Nasser said Aramco's supplies proved resilient through the conflict thanks to international storage and fast repairs to damaged infrastructure, and that the company is seeking alternative export routes and more overseas storage. The National noted he did not mention reports of recent attacks on the kingdom. The NationalN “Aramco is looking for alternative crude export routes and additional international storage facilities”“He didn’t mention reports of recent attacks on the kingdom in his speech.” Read at The National ↗ Centre · 2He warned that global stockpiles have become "scarily thin" and that, until Hormuz fully reopens and confidence returns, pressure "at both ends of the barrel will intensify", with refined fuel prices having risen even more sharply than crude. The NationalN ““scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens” Read at The National ↗ Gulf NewsN ““Until Hormuz fully re-opens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify.” Read at Gulf News ↗
Centre · 1Even after Hormuz reopens, Nasser said, replenishing inventories while meeting demand could take up to two years. Gulf NewsN “replenishing inventories while meeting demand could take up to two years,” Nasser said.” Read at Gulf News ↗ Centre · 1According to Gulf News, Nasser said almost 3 billion barrels of supply have been lost since the conflict began and about 1 billion barrels released from stocks, and that the roughly 6 billion barrels remaining in storage should not be considered practically available to the market. Gulf NewsN “Almost 3 billion barrels of oil supply have been lost since the start of the conflict, Nasser said, while about 1 billion barrels have been released from stocks”“the remaining roughly 6 billion barrels of oil in storage should not be considered practically available to the market.” Read at Gulf News ↗ Centre · 1His remarks came days after major economies announced plans to release up to 100 million barrels of emergency oil and diesel stocks, which Nasser said would buy time but not fix supply-demand imbalances. The NationalN “announced plans to release as much as 100 million barrels of emergency oil and diesel stocks”“Releasing stockpiles will buy economies some time but won’t fix the imbalances between supply and demand” Read at The National ↗
Centre · 2Gulf News noted that a Kpler report suggested exports are back at pre-war levels, but said Nasser attributes this to commercial inventories held by refiners and traders rather than reliable reserves. The National added that higher Gulf flows have given scant relief because markets still price security risks in the Gulf and Red Sea. Gulf NewsN “an earlier report by Kpler suggested that oil exports have come back to pre-war levels” Read at Gulf News ↗ The NationalN “The higher flows have provided scant relief for oil markets, which are still pricing in security risks” Read at The National ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre2 outlets
- Framing
- Both Gulf-based outlets report Nasser's remarks as an energy-market warning. The National leads on the pipeline's role in capping prices at $200, while Gulf News leads on the two-year stockpile recovery.
- Emphasis
- The National stresses Aramco's resilience, pipeline recovery and capacity. Gulf News stresses the scale of lost supply and the unavailability of stored barrels.
- Leaves out or plays down
- Neither outlet gives independent verification of the $200 counterfactual. Gulf News does not cover the pipeline claim, and The National does not cover the 3 billion and 6 billion barrel figures.
- Charged language
- “scarily thin”“The system is already straining”
- For example
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“Oil prices could have hit $200 a barrel if not for East-West pipeline, Aramco chief says” — The National
“Saudi Aramco chief warns Hormuz oil supply squeeze could take two years to ease” — Gulf News
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- Amin Nasser spoke at the Energy Intelligence conference in London on 5 October.
- Nasser said pressure on supply will intensify until Hormuz fully reopens and confidence returns.
- Nasser said rebuilding inventories could take up to two years.
Left0 articles
No coverage yet.
Centre2 articles
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Oil prices could have hit $200 a barrel if not for East-West pipeline, Aramco chief says
Neutral Reports Nasser's pipeline claim and capacity assurances, with context on prices, flows and an observation that he did not mention recent attacks.
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Saudi Aramco chief warns Hormuz oil supply squeeze could take two years to ease
Neutral Focuses on Nasser's warning of a prolonged supply squeeze and the two-year restocking timeline, with explanatory context.
Right0 articles
No coverage yet.
- 5 Oct 10:26 First The NationalN Oil prices could have hit $200 a barrel if not for East-West pipeline, Aramco chief says
- 5 Oct 11:21 +55m Gulf NewsN Saudi Aramco chief warns Hormuz oil supply squeeze could take two years to ease
Times are when each article was published, or when we first saw it if the outlet gave no time.