Aramco CEO Warns of 2.6 Billion Barrel Oil Supply Shortfall

Saudi Aramco's CEO Amin Nasser warned that global oil inventories are running low due to disruptions in the Strait of Hormuz, which have resulted in over 2.6 billion barrels of lost supply since February.

This is equivalent to nearly a month's worth of normal global crude production and has been exacerbated by recent attacks on Saudi oil installations in the Red Sea, including the blockade of the East-West Pipeline route from eastern Saudi Arabia to the port of Yanbu.

Nasser noted that it would take up to 18 months for inventories to be replenished at an average rate of 2.1 million barrels per day if the Strait of Hormuz were to open today.