Aramco CEO Warns Global Oil Inventories Could Take Two Years to Rebuild
publishers 16articles 17first reported 5 Oct, 08:21 UTCdeveloping since 5 Oct · 8 editions
Saudi Aramco Chief Executive Amin Nasser warned Monday that global oil inventories are “scarily thin” and could take up to two years to rebuild while meeting demand, even after the Strait of Hormuz fully reopens.
Speaking at the Energy Intelligence Forum in London, Nasser said the conflict involving the United States, Israel and Iran had removed nearly 3 billion barrels of regional oil supply since late February. More than 1 billion barrels have been drawn from inventories to cushion the shortfall, largely from commercial stocks. He estimated that less than 6 billion barrels remain in commercial storage, with most of that oil not practically available, adding that “the system is already straining.”
Shipping through the Strait of Hormuz, which normally carries about 20% of global oil and liquefied natural gas supplies, has been severely disrupted. Gulf exports nevertheless rose to 15.5 million barrels a day last month, more than 80% of their pre-conflict level, according to Kpler data cited by the Financial Times.
Nasser said Aramco was examining additional export routes and overseas storage facilities. MarketWatch reported that some observers consider his outlook too pessimistic, citing record production and the prospect of more alternative delivery routes once Hormuz fully reopens.
HOW THIS STORY WAS MADE
Written from 7 articles, 2 with the publisher's own text; 7 independent newsrooms once syndicated copies count as one; this version written 6 h after the record first saw the story; the editor kept it as written.
- Publishers
- 16
- Source articles
- 17
- Given to the writer
- 7, 2 with the article's own text
- Independent newsrooms
- 7
- This version written
- 6 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →