Saudi Aramco chief says replenishing global oil stockpiles could take two years
Saudi Aramco's CEO warned it could take up to two years to rebuild global oil inventories, saying the squeeze could worsen as the U.S.-Iran war continues.
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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