News

Saudi Aramco CEO Nasser stated that even if the Strait of Hormuz is reopened immediately, it would still take months for energy and commodity supply chains to recover to pre-conflict levels. If the reopening is further delayed by several weeks, normalization will be postponed until 2027. Currently, about 600 vessels, including those carrying crude oil, LNG, and other products, are trapped in the Persian Gulf.Before the US-Israel strike on Iran on February 28, around 70 ships passed through the strait each day. The daily average has now dropped to about 2 to 5 vessels. The closure of the strait has cut off 20% of global oil and LNG supplies, with a loss of about 100 million barrels of oil worldwide for each week the strait remains closed.Aramco uses an east-west pipeline to transport about 7 million barrels of crude oil per day across the Arabian Peninsula, bypassing the strait and partially offsetting supply losses. The Hawiyah and Khurais natural gas processing facilities were repaired within two days, with most repair materials sourced locally. The company's goal to increase gas production by 80% by 2030 compared to 2021 remains on track.The Phase 1 natural gas processing plant at the Jafurah gas field continued ramping up to full capacity in the first quarter. Procurement and construction activities for Phase 2 are underway, with completion expected in 2027. By 2030, the field is expected to reach a daily output of 2 billion cubic feet. Aramco's net profit in the first quarter was $32.5 billion, higher than the $26 billion in the same period last year.

Glonghui, May 13 — Quantum Cyber (QUCY.US) soared over 78% in pre-market trading, reaching $0.576. According to reports, Quantum Cyber has announced the signing of an exclusive intellectual property license agreement with BP United, a Miami-based autonomous unmanned aerial vehicle system developer. Under the agreement, Quantum Cyber has obtained exclusive rights to use BP United's drone technology patent portfolio, which includes an autonomous sky defense platform. (Glonghui)

⑴ OPEC stated on Wednesday that, due to the near closure of the Strait of Hormuz forcing major Gulf oil-producing countries to limit production and reroute exports, the organization's crude oil output in April fell by 1.73 million barrels/day to 18.98 million barrels/day, and the OPEC+ alliance's output dropped by 1.74 million barrels/day to 33.19 million barrels/day. Saudi Arabia had the largest decrease, followed by Kuwait and Iraq.⑵ OPEC now expects global oil demand growth in 2026 to be 1.17 million barrels/day, down from its previous estimate of 1.38 million barrels/day. Demand growth in 2027 is expected to be 1.54 million barrels/day, exceeding the prior estimate of 1.34 million barrels/day. The US-Iran negotiations on the reopening of the Strait of Hormuz and Iran's nuclear program remain deadlocked, with both sides unwilling to compromise on key demands. ⑶ The United Arab Emirates withdrew from OPEC in April after years of tense relations, with the withdrawal officially taking effect on May 1. April production data still includes the UAE, which was OPEC's third-largest oil producer last month, behind Saudi Arabia and Iran. Market observers noted that the UAE's exit has raised doubts about OPEC's future prospects and the sustainability of Saudi Arabia's role as the main market stabilizer.