Saudi Aramco boss says global oil stockpiles ‘scarily thin’

Oil stockpiles worldwide are described as "scarily thin" by Saudi Aramco's chief executive Amin Nasser. This assessment comes in the wake of tensions between the United States and Iran, which have disrupted global oil supply chains. Nasser, speaking at the Energy Intelligence Forum in London, highlighted the strain on the system and the limited options available to address the supply concerns.

Days prior, the Group of Seven nations, in collaboration with the International Energy Agency, agreed to release 100 million barrels of diesel and crude oil to alleviate the global energy supply issues triggered by the US-Iran war. However, Nasser cautioned against solely relying on these headline figures for reserves. He pointed out that less than 10% of the reported reserves actually represent the minimum volume needed to maintain operational infrastructure.

Consequently, Nasser warned that emergency reserves might only provide a temporary lifeline, such as covering a winter's duration, but are insufficient to resolve the long-term supply challenges.