War cost to world = '2.6 billion barrels of oil'

Dubai: The world has lost more than 2.6 billion barrels of oil since the US-Israeli war with Iran began in February, the head of Saudi oil giant Aramco said, warning global inventories were running low despite measures to reroute flows. "If the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories," Aramco CEO Amin Nasser said on Tuesday.

Aramco, the world's top oil exporter, posted a 44% increase in net profit of $32.69 billion in the three months to June 30 as it reaped higher prices for crude oil, refined products and chemicals, while rerouting shipments away from the Strait of Hormuz.