{
  "id": 12168589,
  "title": "Aramco CEO Warns Oil Inventories Are ‘Scarily Thin’",
  "url": "https://urgent.news/2026/10/05/aramco-ceo-warns-oil-inventories-are-scarily-thin",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T14:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Aramco-CEO-Warns-Oil-Inventories-Are-Scarily-Thin.html"
  },
  "original_language": "en",
  "account": "Saudi Aramco CEO Amin Nasser highlighted on Monday that global oil inventories have dwindled dangerously low since the onset of the Iran conflict, with nearly 3 billion barrels of gross oil supply missing. This shortage is equivalent to half the typical crude and product throughput through the Strait of Hormuz during a similar timeframe. Currently, global inventories stand at around 10 billion barrels, but over 1 billion barrels have been drawn down to compensate for the supply shortfall. Most of these barrels originated from onshore commercial stocks, leaving less than 6 billion barrels in operational inventories, most of which is not readily accessible. Nasser cautioned that the system is already strained and the cushion of supply resilience is \"scarily thin.\" He also suggested that Brent crude could have reached $200 per barrel without the operation of Saudi Arabia's East-West pipeline, which allows crude to be transported from eastern oilfields to the Red Sea, circumventing the Strait of Hormuz. Aramco has restored the pipeline to approximately 80% of its capacity after an attack last month. Nasser stated that replenishing inventories while satisfying global demand could take up to two years even after the Strait of Hormuz fully reopens. His warning comes in the wake of the G7's decision to release up to 100 million barrels of emergency oil and diesel stocks over the next four months, with IEA members already having released around 325 million barrels of the 400 million barrels pledged in March. Nasser emphasized that emergency reserves may provide temporary relief for a winter but cannot resolve long-term supply issues. Aramco is currently exploring alternative crude export routes and additional overseas storage options to diminish its reliance on specific shipping routes. The company also asserts that it can utilize its full 12 million barrels per day (bpd) of sustainable production capacity within days.",
  "summary": "Saudi Aramco CEO Amin Nasser warned Monday that the world has lost nearly 3 billion barrels of gross oil supply since the Iran war began, equivalent to roughly half the crude and products that normally would have moved through the Strait of Hormuz over the same period, leaving global inventories “scarily thin” even as crude flows from the Middle East recover. The world entered the crisis with…",
  "key_points": [
    "Global oil inventories dangerously low, 3 billion barrels missing",
    "Aramco CEO warns supply resilience is \"scarily thin\"",
    "Brent crude could reach $200/barrel without East-West pipeline"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}