June 4, 2026 [ Oilandgasmiddleeast ]- Aramco’s Musaab Al Mulla said the current oil supply crisis shows there has been underinvestment in refining capacity as demand remains resilient
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The current oil supply crisis shows there has been underinvestment in oil refining as demand remains resilient, according to Aramco.

Musaab Al Mulla, Vice President of Market Analysis and Sustainability at Aramco, said around 3m barrels per day of refining capacity closed between 2020 and 2023.

He was speaking at the S&P Global Energy Middle East Petroleum and Gas Conference in London.

“Now we realise if you have those refineries you may have definitely mitigated the impacts of the crisis today,” Al Mulla said.

The comments come as the war in Iran, attacks on energy infrastructure, Iran’s effective closure of the Strait of Hormuz and a US naval blockade continue to disrupt global oil supply.

The crisis has removed around 14m barrels per day of oil supply from Middle East producers to the global market.

Al Mulla’s comments highlight growing concern that refinery closures in recent years have reduced the sector’s ability to respond to major supply disruptions.

The impact has become more pronounced as demand remains resilient, placing further pressure on available refining capacity and global product markets.