Global oil supply buffer is ‘scarily thin,’ Saudi Aramco CEO says

The global oil supply buffer has become "scarily thin," according to the CEO of Saudi Aramco, Amin Nasser. He warned that the squeeze on crude oil and refined fuels is set to worsen unless the Strait of Hormuz reopens.

Almost 3 billion barrels of oil supply have been lost since the start of the US-Iran war, while 1 billion barrels of oil have been released from stocks so far, as reported by The Business Times - Companies & Markets. Nasser stated that replenishing inventories while meeting demand could take up to two years.

The strain on global inventories is severe, with most of the stock draw to date coming from commercial inventories, while the remaining 6 or so billion in storage is "not practically available," according to Nasser, as per The Business Times - Companies & Markets.

Brief written by urgent.news from Financial Post, Quartz, CNBC World, CNBC, The Business Times - Companies & Markets — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.