Aramco CEO Warns of Dangerously Thin Global Oil Stockpiles

Saudi Aramco CEO Amin Nasser warned that global oil stockpiles are critically low due to the U.S.-Iran war. Speaking at the Energy Intelligence Forum in London, Nasser said the situation is "scarily thin," with less than 10 percent of reported reserves actually available for use. He cautioned that the 100 million barrels recently released by G7 nations through the International Energy Agency (IEA) are only a short-term fix.

The IEA's release comes after the U.S. pressured the European Union to tap its strategic diesel reserves or face an American ban on diesel exports. Despite attacks in the Strait of Hormuz, Middle East oil exports, excluding Iran, have surpassed pre-war levels, according to Kpler data. However, Nasser emphasized that emergency reserves may only sustain the market until winter, failing to address long-term supply issues.

Nasser also noted that much of the reported reserves are required to keep infrastructure operational, leaving little for actual supply. He urged against relying solely on headline figures, stating that the real cushion for supply resilience is dangerously low.