Aramco CEO warns crude oil supply crisis could last two years

Saudi Aramco CEO Amin Nasser warned that global crude oil and fuel supplies face significant strain, with replenishing stockpiles potentially taking up to two years. Speaking at the Energy Intelligence conference in London on October 5, 2026, Nasser highlighted that the squeeze on supplies is expected to worsen before improving. He noted that until the Strait of Hormuz fully reopens and confidence returns, pressure on both crude oil and refined fuel supplies will continue to intensify.

Nasser revealed that nearly 3 billion barrels of oil supply have been lost since the start of the conflict, while 1 billion barrels were released from emergency stockpiles. He added that most of the stock draw has come from commercial inventories, leaving around 6 billion barrels in storage that are “not practically available.” This scarcity is putting immense strain on the global oil system, according to Nasser.