Replenishing crude, fuel supplies could take two years: Saudi Aramco CEO
A billion barrels of oil has been released from stocks so far
Saudi Aramco's CEO, Amin Nasser, has warned that it may take up to two years to refill global crude oil and fuel stockpiles, which were tapped as an emergency measure. Speaking at the Energy Intelligence conference in London, Nasser stated that the situation will worsen until the Hormuz Strait is fully reopened and confidence is restored.
Currently, around 3 billion barrels of oil supply have been lost since the beginning of the conflict, with 1 billion barrels released from stocks. Most of the stock draw so far has come from commercial inventories, while the remaining 6 billion barrels in storage are not practically available.
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Also reported by 4 other outlets
- Saudi Aramco chief says replenishing global oil stockpiles could take two years cnbc.com
- Saudi Aramco CEO warns rebuilding global oil stocks could take two years qz.com
- Saudi Aramco chief warns world’s oil stockpiles are ‘scarily thin’ ft.com
- Saudi Aramco unexpectedly slashes November Asia oil prices to multi-year low: report seekingalpha.com
