Saudi Aramco Chief Executive Amin Nasser has warned that the global energy market could face a severe crisis if the current disruption in the Strait of Hormuz continues for several more weeks. In an interview with Reuters, Nasser said it might take until next year for the situation to return to normal.

According to Aramco officials, ship traffic through the vital waterway has dropped dramatically—from about 70 vessels per day to only 2 to 5. Nasser stated that if the situation persists, the global market could lose around 100 million barrels of oil each week, potentially causing major instability in energy supply and prices.

Aramco’s Chief Financial Officer Ziad Al-Murshid added that the company holds strong reserves equivalent to about 250 billion barrels and is prepared to meet global energy demand despite the ongoing disruption.