Saudi Aramco warned during its second-quarter 2026 earnings call that the US-Israeli conflict with Iran, which erupted in February 2026, has drained approximately 2.6 billion barrels from global oil supply. After accounting for offsets such as pipeline rerouting and strategic reserve releases, the net loss stands at roughly 1.8 billion barrels. CEO Amin Nasser described the disruption as the largest supply shock of oil in history. Aramco’s Q2 2026 production fell to 9.5 million barrels per day from 12.8 million a year earlier, a 25% decline. Despite selling fewer barrels, the company posted Q2 net profit of $32.69 billion, up 44% year-on-year, as the realized price averaged $108.10 per barrel.
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