Saudi Aramco chief says replenishing global oil stockpiles could take two years
Amin Nasser said 3 billion barrels of supply have been lost and 1 billion barrels released from stocks as the market strain deepens.
- 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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Despite the gradual improvement in flows from the Middle East, the market remains under pressure, as around 3 billion barrels of supply have been lost since the start of the war, while available reserves are limited.
EADaily, October 5, 2026, oil supplies from the Middle East reached pre-war levels, but the head of Saudi State company Aramco said they were scaryly low.
While the G7 countries have announced a release of stocks from their reserves in order to relax oil prices, Aramco warns about a "system already under pressure".
#Swalev, Saudi Aramco's CEO, Amin al-Nasser, warned against the decline of global oil stocks to levels he described as scary, noting that market reserves to absorb supply shocks have become limited, increasing the vulnerability of energy markets to any new disturbances. He said that global markets could face additional pressures unless the... this content was restored: global oil stocks at an alarming level that first appeared in Sawalev.
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