Saudi Aramco boss says global oil stockpiles 'scarily thin'

Saudi Aramco's CEO, Amin Nasser, warned on Monday that global oil stockpiles are dangerously low due to the US-Iran conflict. This comes after the Group of Seven nations agreed to release 100 million barrels of oil to address supply concerns. Nasser, speaking at the Energy Intelligence Forum in London, said that the existing emergency reserves might only last through a winter, but would not resolve the long-term supply issues.

The system is already under pressure, he told the conference attended by energy sector leaders from around the world. G7 countries, working with the International Energy Agency (IEA), released the oil on Friday in response to the US-Iran war, which had pressured President Trump to push the EU to use its strategic diesel reserves or face American export bans.

While Middle East oil exports, excluding Iran, have rebounded recently, Nasser cautioned against relying solely on headline reserve numbers. He noted that less than 10% of reported reserves are actually available, with a significant portion being the minimum needed to keep infrastructure running. That's why Nasser argues that the announced 100 million barrels are insufficient to tackle the long-term supply challenges.