Aramco CEO warns global oil inventories could take two years to rebuild
publishers 29articles 30first reported 5 Oct, 08:21 UTCdeveloping since 5 Oct · 8 editions
Saudi Aramco Chief Executive Amin Nasser warned that global oil inventories are “scarily thin” after months of conflict involving the United States, Israel and Iran disrupted supplies from the Middle East.
Speaking at the Energy Intelligence Forum in London, Nasser said the conflict had reduced regional oil supplies by nearly 3 billion barrels. More than 1 billion barrels had been drawn from reserves to cushion the shortfall, with most of that oil coming from commercial inventories.
Nasser estimated that less than 6 billion barrels remain in commercial storage and said most of those supplies are not practically available. “The system is already straining,” he said, adding that rebuilding inventories while continuing to meet demand could take up to two years, even after the conflict ends.
Shipping through the Strait of Hormuz, which typically handles about 20% of global oil and liquefied natural gas supplies, has been severely disrupted. Gulf shipments nevertheless rose to 15.5 million barrels a day last month, more than 80% of their pre-conflict volume, according to Kpler data cited by the Financial Times.
Nasser said Aramco was examining additional export routes for Saudi crude and more overseas storage facilities. His comments followed an agreement by G7 governments to release another 100 million barrels of diesel and crude from emergency reserves.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 24 h after the record first saw the story; the editor kept it as written.
- Publishers
- 29
- Source articles
- 30
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- This version written
- 24 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.
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