Saudi Aramco boss says global oil stockpiles ‘scarily thin’
<p>London: Global oil stockpiles are “scarily thin” owing to the US-Iran war, Saudi Aramco’s chief executive Amin Nasser (pictured) said yesterday, days after G7 nations agreed to release more of their inventories to ease supply concerns.</p> <p>“The system is already straining,” Nasser, who leads a key oil producer that is majority-owned by the Saudi state, told the Energy Intellligence Forum in…
Global oil stockpiles are described as "scarily thin" by Saudi Aramco's CEO Amin Nasser, following the US-Iran conflict. Nasser, who heads a major oil producer owned by the Saudi state, made his remarks at the Energy Intelligence Forum in London, stating that the current system is already under strain. He emphasized that with few alternatives available, the supply resilience cushion is significantly limited.
The G7 nations, working with the International Energy Agency (IEA), decided to release 100 million barrels of diesel and crude oil to address global energy supply issues arising from the US-Iran war. Before this move, President Trump had urged the European Union to utilize its strategic diesel reserves or face repercussions. Despite the recent surge in Middle East oil exports, excluding Iran, Nasser cautioned against relying solely on headline figures for reserves, noting that less than 10 percent are readily available.
Nasser cautioned that a significant portion of reported reserves represents the minimum needed to maintain operational infrastructure. He explained why the announced 100 million barrels released by the IEA, comprising 32 nations including the G7, may only provide a temporary winter supply, rather than a long-term fix to supply concerns.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
