Aramco CEO: Global Oil Inventories Could Take Two Years to Rebuild
Saudi Aramco CEO Amin Nasser stated that global oil inventories have been significantly depleted due to the Middle East conflict. He estimates that it could take up to two years to replenish these inventories, even after the normalization of flows through the Strait of Hormuz.
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11:15:03 AM UTC
SquawkNews
By Ed BallardGlobal oil inventories are "reaching a stress level," Saudi Aramco CEO Amin Nasser said.According to the International Energy Agency, global oil inventories stood at about 7.8 billion barrels in August, about a half-billion barrels less than prewar. But the vast majority of that oil is…
Saudi Aramco Chief Executive Amin Nasser said global oil inventories have been sharply reduced by the Middle East conflict and could take as long as two years to rebuild, even after flows through the Strait of Hormuz normalize. Speaking on Monday at the Energy Intelligence Forum, Nasser said the depletion has left inventories low and that rebuilding them could be a lengthy process.