Aramco CEO Warns Oil Inventories Could Take Two Years to Rebuild

Saudi Aramco CEO Amin Nasser warned Monday that global oil inventories have become “scarily thin.” He said rebuilding depleted crude and fuel stocks could take up to two years after the Strait of Hormuz fully reopens.

Nasser told the Energy Intelligence conference in London that nearly 3 billion barrels of oil supply had been lost since the conflict began. About 1 billion barrels have been released from reserves to cushion the shortfall. He said less than 6 billion barrels remain in commercial inventories, with most not practically available.

Meanwhile, Middle Eastern crude flows have improved, but oil markets remain tight. Brent crude has traded around $100 a barrel, while shipping and refining disruptions continue to raise costs. The G7 has also agreed to release 100 million barrels of crude and diesel from emergency reserves. Nasser said those releases would offer temporary relief but would not solve the underlying supply imbalance.