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.
22 Articles
22 Articles
Global oil supplies are "dangerously low" due to the US-Iran war, Saudi Aramco CEO Amin Nasser said on Monday, days after the G7 countries agreed to use more of their reserves to ease supply worries.
Amin Nasser said the pressure on the market will intensify until the Strait of Ormuz is fully reopened. According to the executive, almost 3 billion barrels of supply have been lost since the end of February.
The world's oil reserves, which mitigate the effects of supply disruptions, have been reduced to a "scareful low" level, said the head of Saudi Armco Amin Nasser.
The Executive Chairman of Saudi Aramco, Amin al-Nasser, said today that global oil stocks are "uncomfortably low," due to the war in the Middle East.
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.
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