Replenishing crude and fuel stocks could take two years, Saudi Aramco CEO says
- Saudi Aramco CEO Amin Nasser warned at the Energy Intelligence conference in London on Monday that global oil inventories may take two years to rebuild amid severe supply strain.
- Nearly 3 billion barrels of oil supply have been lost since military strikes in Iran began in February, disrupting shipping through the Strait of Hormuz, which handles around 20% of global supplies.
- Most of the 1 billion barrels released from stocks came from commercial inventories, Nasser said, while the remaining 6 billion in storage are "not practically available" to ease pressure.
- Following pressure from President Donald Trump, governments including France, Canada, Germany, Italy, Japan, and the United Kingdom agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves.
- Oil prices traded marginally lower on Monday as Middle East exports rose, though pressure at both ends of the barrel will intensify until the Strait of Hormuz fully reopens.
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World's Biggest Oil Giant Warns Global Stockpiles Are 'Scarily Thin' and Could Take Two Years to Rebuild
Saudi Aramco CEO Amin Nasser says oil inventories are 'scarily thin' after Middle East disruptions, with restocking potentially taking two years as Hormuz remains critical.
The restoration of oil trade from the Gulf countries is a welcome early, although it has reached almost pre-war levels, and the significantly reduced world oil reserves are a matter of concern, as reported by Bloomberg, the CEO of Saudi Arabia's largest agency today made such a statement.
Replenishing crude and fuel stocks could take two years, Saudi Aramco CEO says - Regional Media News
LONDON, Oct 5 (Reuters) - The squeeze on crude oil and refined fuels is set to tighten, and it could take up to two years to refill global stockpiles drawn on as an emergency measure, the chief executive of the world's biggest oil company Saudi [...]
️Saudi Aramco chief warns global fuel stockpiles could take two years to recover
Saudi Aramco CEO Amin Nasser warned that global shortages of crude oil and refined fuels could worsen, with replenishing stockpiles depleted through emergency measures potentially taking up to two years, according to remarks cited from the...
Global oil supplies are "dangerously low" due to the US-Iran war, Saudi Aramco CEO Amin Nasser said on Monday, days after the G7 countries agreed to use more of their reserves to ease supply worries.
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