Aramco CEO Warns Oil Inventories Are 'Scarily Thin' - Crude Oil Prices Today | OilPrice.com
Saudi Aramco CEO Amin Nasser warns that global oil inventories are dangerously low following supply disruptions caused by the conflict in the Middle East. He suggests that replenishing these stocks could take years.
Why it matters
Highlights significant risks to global energy security and potential long-term impacts on oil prices and economic stability.
Saudi Aramco CEO Amin Nasser warned Monday that the world has lost nearly 3 billion barrels of gross oil supply since the Iran war began, equivalent to roughly half the crude and products that normally would have moved through the Strait of Hormuz over the same period, leaving global inventories "scarily thin" even as crude flows from the Middle East recover. The world entered the crisis with almost 10 billion barrels of oil stocks, according to Nasser, but more than 1 billion barrels have since been drawn from inventories to offset supply losses. Most of those barrels came from onshore commercial stocks, leaving less than 6 billion barrels in commercial inventories, the vast majority of which Nasser said is not practically available. "The system is already straining," Nasser told the Energy Intelligence Forum in London.
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