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Global Oil Stockpiles Scarily Thin And May Take Two Years To Rebuild Warns Saudi Aramco Chief
M
Moneycontrol•05-10-2026, 16:12
Global Oil Stockpiles Scarily Thin And May Take Two Years To Rebuild Warns Saudi Aramco Chief
- •Saudi Aramco CEO Amin Nasser warned that global oil stockpiles are scarily thin and could take up to two years to rebuild.
- •A seven-month conflict involving the US, Israel, and Iran has reduced regional oil supply by nearly 3 billion barrels.
- •Over 1 billion barrels have been drawn from reserves, with company-held inventories acting as the primary buffer.
- •Gulf oil shipments have recovered to 15.5 million barrels a day, but markets remain tight due to ongoing security risks.
- •Ongoing disruptions in the Strait of Hormuz and attacks on energy infrastructure continue to threaten global oil supply.
Key Questions Answered
Saudi Aramco chief executive Amin Nasser stated that once the conflict ends, replenishing depleted inventories while meeting ongoing demand could take up to two years.
The seven-month conflict involving the US, Israel, and Iran reduced regional oil supply by nearly 3 billion barrels, while over 1 billion barrels were drawn from various reserves to cushion the shortfall.
Saudi Aramco is studying additional routes for exporting Saudi crude, exploring overseas storage facilities, and utilizing its East-West pipeline to reduce reliance on individual supply routes like the Strait of Hormuz.
