Saudi Aramco CEO Warns Global Oil Stockpiles May Take Two Years to Replenish
Saudi Aramco CEO Amin Nasser has warned that it could take up to two years for global oil inventories to recover following the disruption caused by the U.S.-Iran conflict. Speaking at a conference in London, he noted nearly 3 billion barrels of supply have been lost since late February and around 1 billion from stockpiles. Nasser highlighted ongoing pressure on energy markets due to reduced flows through the Strait of Hormuz—a key global oil chokepoint—and low confidence among market participants. Despite recent efforts by G7 nations to release emergency reserves, he said commercial inventories are already strained with much of the remaining supply not practically available for immediate use. Oil prices dipped slightly as Middle East crude exports began recovering through the Strait and Saudi Arabia’s pipeline systems. However, Nasser's comments underscore concerns about prolonged market instability due to geopolitical tensions.
Topics: global oil supply oil inventories Strait of Hormuz U.S.-Iran conflict