Aramco CEO warns of dangerously low global oil stockpiles

Saudi Aramco's CEO Amin Nasser warned that global oil stockpiles are dangerously low due to the ongoing US-Iran conflict. Speaking at the Energy Intelligence Forum in London, Nasser highlighted that the world's supply resilience is 'scarily thin,' leaving little room for disruption.

The warning came days after G7 nations, in coordination with the International Energy Agency (IEA), agreed to release 100 million barrels of diesel and crude oil to address supply concerns. Nasser cautioned that these emergency reserves might only provide short-term relief, particularly through the upcoming winter, but cannot solve long-term supply issues.

Despite attacks on ships in the Strait of Hormuz, Middle East oil exports, excluding Iran, have surpassed pre-war levels. However, Nasser emphasized that reported reserve figures can be misleading, as less than 10 percent of the announced 100 million barrels are actually available for use. The rest are necessary to maintain operational infrastructure.

President Donald Trump had previously pressured the European Union to tap its strategic diesel reserves, threatening a ban on diesel exports if they did not comply. The IEA, which includes 32 nations, announced the release of reserves to mitigate the impact of the US-Iran war on global energy supplies.