Aramco Weighs Global Oil Storage Expansion as Iran War Disrupted 11 Million Bpd Through Hormuz
Updated
Updated · Reuters · Jun 18
Aramco Weighs Global Oil Storage Expansion as Iran War Disrupted 11 Million Bpd Through Hormuz
3 articles · Updated · Reuters · Jun 18
Summary
Aramco is seriously considering larger oil storage facilities worldwide after the Iran war disrupted energy flows through the Strait of Hormuz, Chairman Yasir Al-Rumayyan said in Rome.
Existing storage is concentrated in Asia, including South Korea and Japan, and the company now wants broader global capacity to cushion future supply interruptions.
At the same event, Al-Rumayyan said Saudi capital already has a large European footprint: PIF invested €98 billion in Europe and Britain from 2017 to 2025, while Aramco spent about €80 billion with European suppliers.
He said European regulation is the main obstacle to expanding or even maintaining those investments, as Gulf producers rethink infrastructure after Hormuz disruptions halted about 11 million barrels per day.
Will the Hormuz crisis permanently shift global energy power away from the Middle East, or just create new chokepoints?
The Strait is closed, prices are soaring. Is the fragile ceasefire enough to prevent a worldwide recession?
As the world scrambles for energy, will this crisis accelerate a green transition or entrench fossil fuel dependency elsewhere?
Strait of Hormuz Crisis 2026: Iran’s Toll System, Gulf Energy Disruption, and the Global Economic Shock
Overview
The report traces how the outbreak of war in Iran in early 2026 led the Islamic Revolutionary Guard Corps to seize control of the Strait of Hormuz, effectively closing it to most naval traffic. This closure triggered severe economic strain worldwide, as vital oil and gas shipments were disrupted. The United States responded with a naval blockade, but failed to reopen the Strait. In response, Iran and Oman introduced a new toll system for ships, further complicating global trade. These cascading events have forced Gulf states to seek alternative export routes and accelerated global shifts in energy security, trade, and geopolitical alliances.