Aramco CEO Warns of Dangerously Low Global Oil Stockpiles

The world’s oil supply buffer has dwindled to alarmingly low levels, warns Amin Nasser, CEO of Saudi Aramco. Speaking at the Energy Intelligence Forum in London, Nasser highlighted that global oil stockpiles have dropped from 10 billion barrels to less than 6 billion since the start of the US-Iran war. Only about 10% of the remaining stockpiles are practically available due to technical restrictions, leaving markets vulnerable to supply shocks.

Nasser emphasized that the closure of the Strait of Hormuz is exacerbating the situation. While Gulf producers have managed to boost crude flows to near prewar levels, the risks of attacks and disruptions remain high. Brent crude has hovered around $100 per barrel, reflecting ongoing security concerns in the Persian Gulf and Red Sea.

Aramco has taken steps to mitigate the impact, including using alternative export routes and increasing storage capacity. The company has also shifted supply between different crude grades and pressed its own tankers into operation. Despite these efforts, Nasser cautioned that the global oil market faces a serious imbalance between supply and demand, which could persist for at least the next two years.