Aramco CEO Warns of Alarmingly Thin Global Oil Stockpiles

Saudi Aramco's CEO, Amin Nasser, warned that global oil stockpiles are alarmingly low due to the ongoing U.S.-Iran conflict. Speaking at the Energy Intelligence Forum in London, Nasser emphasized that the world's supply resilience is dangerously thin, just days after the G7 nations agreed to release 100 million barrels of diesel and crude oil to address supply concerns.

Nasser cautioned against relying on headline figures for reserves, noting that less than 10 percent of reported stockpiles are actually available for use. He explained that much of the reserves countries report are necessary to maintain operational infrastructure, leaving little for emergencies. 'Emergency reserves might buy us a winter. They cannot fix long-term supply,' he stated.

Despite recent attacks on ships in the Strait of Hormuz, Middle East oil exports, excluding Iran, have surpassed pre-war levels, according to data from maritime tracking firm Kpler. However, Nasser's warnings highlight the fragility of the current situation, as the world grapples with tightening supplies and geopolitical tensions.