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Saudi Aramco CEO cancels Houston energy conference amid Iran conflict closing Strait of Hormuz, cutting output by 2M barrels/day.
Saudi Aramco CEO Amin Nasser has canceled his attendance at the CERAWeek energy conference in Houston due to the escalating Iran conflict, which has killed over 2,000 people and effectively closed the Strait of Hormuz, a key oil shipping route.
The crisis has forced Aramco to cut output by about 2 million barrels per day and reroute crude through the Red Sea, while drone and missile attacks have damaged infrastructure, including a refinery near Yanbu.
Qatar’s LNG capacity may be reduced by up to 17% for years.
U.S. President Donald Trump has threatened military action if the strait stays closed, and other Gulf energy leaders are attending virtually or not at all.
The situation marks the most severe threat to global oil supply since 2019.
El CEO de Saudi Aramco cancela la conferencia de energía de Houston en medio del conflicto de Irán que cierra el Estrecho de Ormuz, reduciendo la producción en 2 millones de barriles / día.