Aramco CEO Warns of Catastrophic Oil Market Impact; Announces Share Buyback Plan
Saudi Aramcos CEO warns of potential disastrous consequences for global oil markets due to prolonged disruptions from the Iran conflict. The company is reducing output by up to 2.5 million barrels per day, similar to other Gulf nations. Despite rerouting some crude, capacity limits prevent full normal exports. Aramco is holding back on certain oil grades and utilizing storage and networks to meet demand. The supply issues pose significant risks to the world economy. Additionally, Aramco announces its first-ever share buyback plan worth $3 billion, aiming to repurchase up to 350 million shares over the next 18 months.
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