Aramco chief says global oil inventories could need two years to recover
Saudi Aramco chief Amin Nasser told an Energy Intelligence Forum in London that the world’s spare‑oil cushion is extremely thin after the war in the Strait of Hormuz. He said roughly 3 billion barrels of supply have been lost and about 1 billion barrels have already been drawn from emergency stocks. Rebuilding the shortfall, he warned, may require up to two years even after the waterway reopens.
Why it matters
The limited availability of usable oil reserves could keep crude prices elevated for months, affecting energy‑intensive industries and consumers. The company’s comment suggests that even coordinated releases of 100 million barrels by the G7 will not fully offset the gap, meaning market participants should anticipate continued price pressure.
Key facts
- 1Nasser said the war has caused a loss of about 3 billion barrels of oil supply. cnbc.com
- 2He noted that roughly 1 billion barrels have been released from global emergency stocks. cnbc.com
- 3The G7 and IEA agreed to release 100 million barrels of diesel and crude to ease supply concerns. euronews.com
- 4Nasser estimated that only less than 6 billion barrels remain practically available worldwide. euronews.com
- 5He projected that rebuilding inventories could take up to two years after the Strait of Hormuz fully reopens. businesstimes.com.sg
- 6Brent crude futures were trading around $100‑$102 per barrel at the time of his remarks. businessday.co.za
Summary written by AlphAI from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.