RIYADH DAILY - 10 MARCH 2026
Saudi Arabia Warns Iran of Strategic Miscalculation; Aramco CEO Signals Production Cuts as Hormuz Choke Deepens; Gulf Allies Express Growing Anger Over Continued Missile Attacks
IRGC vows Iran will decide war's end, threatens to halt all regional oil exports if strikes continue
Al Arabiya reports IRGC spokesman declared Iran will determine when war ends and warned not one liter of oil will be exported from Gulf while conflict continues, directly rebuking Trump claim war nearly over.
Saudi Aramco CEO warns prolonged conflict poses catastrophic risk to global oil supply
Middle East Eye and Bloomberg report Aramco CEO warned all global spare oil capacity concentrated in Middle East region and prolonged instability could have severe consequences for global energy markets.
Saudi Arabia intercepts ballistic missile and multiple drones targeting eastern regions
Anadolu Agency and Saudi Defense Ministry report kingdom intercepted one ballistic missile and two drones, with separate statement confirming drone crash in Al-Zulfi Governorate caused limited material damage with no injuries.
Aramco announces fourth quarter and full-year 2025 results showing 12 percent profit decline
Saudi Aramco reports net profits of 104.7 billion dollars for 2025, down 12 percent year-on-year amid persistently low oil prices, while announcing up to 3 billion dollar share buyback over next 18 months.
DRIVING THE DAY
SUMMARY: Saudi Arabia issued its sharpest warning to Tehran on 9 March, stating Iran would be "the biggest loser" from further escalation—marking Riyadh's most direct public rebuke since Iranian retaliatory strikes began 1 March. Saudi Aramco CEO announced production cuts at unspecified fields on 9 March as Strait of Hormuz shipping paralysis enters 11th day, with company warning of "catastrophic" market impact if chokepoint remains closed. Ministry of Defense confirmed interception of drones targeting Shaybah oilfield—first confirmed attempt on Saudi production infrastructure—alongside ballistic missiles aimed at unspecified targets. Interior Minister Prince Abdulaziz bin Saud coordinated with UK Home Secretary Yvette COOPER on 9 March reviewing "strategic security cooperation" as Brent crude touched $119/barrel before Trump remarks triggered 10% single-session drop on 10 March. Kuwait, Bahrain, Qatar expressed escalating frustration with Iranian strikes, with Doha's Prime Minister describing attacks as "dangerous miscalculation" and betrayal despite Qatar opening Saudi land transit route to secure goods supply. END SUMMARY.
