Saudi Aramco’s CEO may be too downbeat about the road to restocking global oil supplies
Some see record oil production and more alternative routes for delivery once the Strait of Hormuz fully opens.
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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