Replenishing crude and fuel stocks could take two years, Saudi Aramco CEO says
Amin Nasser said emergency releases will only buy time as refined fuel prices rise faster than crude.
- 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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(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.
Drivers Just Got Handed a Sobering Forecast From Saudi Aramco’s CEO: Refilling the World’s Oil Stockpiles Could Take Up to Two Years
Middle East crude exports briefly topped prewar levels in late September, but the recovery is fragile. Tankers are still being hit near Hormuz, one firm thinks Iran may be firing into kill boxes, and Saudi Aramco's CEO warns that rebuilding depleted global oil stockpiles could take as long as two years.
The Director General of Saudi Aramco Amin Al-Nasser reported that the world ' s oil reserves had declined to a frightening minimum due to shipping problems in the Strait of Ormuz. He said that the current situation posed a serious risk of deterioration in markets if the traffic in the Strait of Ormuz was not resumed, Bloomberg wrote. "As long as the Strait of Ormuz is not fully open and trust is not restored, the harsh reality is that press…
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