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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Noticias ao MinutoSaudi Aramco today alerted to the dangerously low level of oil stocks, after the G7 countries announced the release of reserves to alleviate concerns about supply.
World oil reserves almost halved as a result of the US-Iran war
Replenishing crude stocks could take two years
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 Aramco said today.
"The system is already under pressure," said Amin Nasser during the Energy Intelligence Forum conference, organized in London. "And as there are very few alternatives to which the world can resort, the safety buffer that allows to cope with supply interruptions is dangerously low," he added. The head of the world's largest oil producer also warned that the "gross figures" of reserves should not be observed, as "less than 10% is actually availabl…
Replenishing crude and fuel stocks could take two years, Saudi Aramco CEO says
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 Aramco said on Monday.
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