Aramco CEO Warns of Critical Oil Stockpile Shortages

Saudi Aramco CEO Amin Nasser has raised concerns over critically low global oil stockpiles, warning that energy markets remain vulnerable to supply disruptions unless the Strait of Hormuz fully reopens. Speaking at the 2026 Energy Intelligence Forum in London, Nasser noted that rebuilding reserves depleted during the Middle East conflict could take up to two years.

The seven-month war between the United States, Israel, and Iran led to a loss of approximately 3 billion barrels of oil supplies in the region. To mitigate the supply shortage, over 1 billion barrels were drawn from oil reserves, with governments releasing more than 300 million barrels from strategic reserves. Nasser described company stockpiles as the last major tool available to support the market, emphasizing that remaining global commercial inventories are below 6 billion barrels, with most quantities not immediately available for use.

Nasser highlighted the increasing use of modern technologies, such as satellite imagery and ship movement databases, to target energy infrastructure and oil tankers. He condemned the attacks on ships transiting the Strait of Hormuz, pipelines, refineries, and ports belonging to Aramco, stating that transparency tools should not be turned into tools of aggression. He also stressed that the market continues to suffer from a shortage of supply and high transportation costs, with spot prices for North Sea crude rising to their highest levels since April.

To bolster supply reliability, Aramco is exploring additional export routes for Saudi crude and expanding storage facilities outside the Kingdom. Nasser urged governments to prioritize energy security and enhance the resilience of supply chains, noting that replenishing stockpiles while meeting global demand could take up to two years even after the conflict ends.