DUBAI: The world has ​lost about 1 billion barrels of oil over the past two ​months and ​energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on ⁠Sunday, as shipping disruptions choke traffic through the Strait of Hormuz.

"Our objective is simple: keep energy flowing, even when the system is under strain," Amin Nasser told ​Reuters in ‌a statement after ⁠Aramco reported ⁠a 25% jump in net profit in its first-quarter.

Global energy supplies ​have been sharply squeezed by ‌Iran’s blockade of the Strait of ⁠Hormuz, which has curtailed shipping and driven prices higher following the U.S.-Israeli war.

"Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil," Nasser said, adding that years of underinvestment have compounded the strain on already-low global inventories.

Aramco has used its East-West ‌Pipeline to bypass Hormuz and transport crude to ⁠the Red Sea, an asset Nasser ​described as a "critical lifeline" to mitigate the global supply crisis.

Despite shifts in shipping routes, Nasser reiterated ​that Asia remained ‌a key priority for the company ⁠and was central to global ​demand.

(Reporting by Yousef Saba Editing by Bernadette Baum)