Replenishing crude and fuel stocks could take two years, Saudi Aramco CEO says
Amin Nasser said emergency releases can only ease pressure briefly as 3 billion barrels of supply were lost and 1 billion barrels were drawn from stocks.
- 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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Saudi Aramco Chief Amin Nasser Warns That Global Fuel Stocks Could Take Two Years to Recover The post Aramco Chief: It Could Take Up to Two Years for Global Fuel Stocks to Recover appeared first on in.gr.
Oil stocks that protect the global economy from supply disruptions have fallen to “alarmingly low” levels, putting markets at risk of further deterioration if the Strait of Hormuz is not reopened, the head of Saudi Arabia’s state oil company warned, Bloomberg reported. His comments came just days after governments in the world’s biggest economies announced plans to release up to 100 million barrels of oil and diesel from emergency stocks to ease…
Saudi Aramco CEO Warns It Could Take 2 Years to Rebuild Global Oil Stocks
The chief executive of the world’s largest oil company warned that it could take up to two years to rebuild crude and fuel stockpiles depleted during the conflict in the Middle East. Saudi Aramco’s Amin Nasser told an energy conference in London on Oct. 5 that until the Strait of Hormuz, a key route for global oil shipments, fully reopens and confidence returns, “the crude reality is that pressure at both ends of the barrel will intensify.” “Eve…
(London=Yonhap News) Correspondent Kim Ji-yeon = Amin Nasser, CEO of Saudi Arabia's state-owned oil company Aramco, [addressed] the global oil supply situation on the 5th (local time)...
The head of Saudi Aramco, the world's largest oil company, sees the G7 countries' recently approved release of strategic diesel and oil stocks as reducing global reserves to "a terrifying level." Even if the main trade routes were fully reopened, the replenishment of the tapped strategic reserves could take up to two years, said Amin Nasser on Monday.
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