Aramco CEO warns global oil stockpiles are critically low amid Hormuz tensions
Saudi Aramco chief executive Amin Nasser said at the Energy Intelligence Forum in London that world oil inventories have fallen from about 10 billion barrels to less than 6 billion barrels, with only roughly 10% readily available. He warned that the thin buffer will keep markets under pressure until the Strait of Hormuz fully re‑opens, and that additional demand of at least 2 million barrels per day could arise over the next two years. Aramco is boosting crude flows, restoring pipeline capacity to about 80% of normal and studying ways to expand storage and diversify export routes.
Why it matters
The reduced global oil buffer could sustain higher crude and refined product prices, affecting energy‑intensive sectors and inflation outlooks. Investors should monitor how Aramco’s production response and any further supply‑chain disruptions influence oil market dynamics.
Key facts
- 1World oil stocks were about 10 billion barrels at the start of the US‑Iran war. peakoil.com
- 2Global oil inventories have fallen to less than 6 billion barrels. peakoil.com
- 3Only about 10% of the remaining stocks are practically available. peakoil.com
- 4Additional demand of at least 2 million barrels per day may be needed for the next two years. peakoil.com
- 5Brent crude has traded around $100 per barrel over the past month. peakoil.com
- 6Aramco restored flows on its main cross‑country pipeline to about 80% of capacity after an attack. peakoil.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.