Aramco CEO Warns of Two-Year Wait to Replenish Global Oil Stockpiles

Saudi Aramco CEO Amin Nasser warned that replenishing global oil stockpiles could take up to two years, as the U.S.-Iran war continues to disrupt supplies. Speaking at the Energy Intelligence conference in London, Nasser highlighted the pressure on both supply and demand, noting that the Strait of Hormuz, critical for 20% of the world's oil and liquefied natural gas, remains a major bottleneck.

Nasser's remarks follow the G7's decision to release 100 million barrels of diesel and crude from emergency reserves, a move aimed at easing fuel shortages. However, he cautioned that nearly 3 billion barrels of oil supply have been lost since the conflict began in late February, while only 1 billion barrels have been released from stocks. The remaining 6 billion barrels in storage are 'not practically available,' he said, emphasizing the strain on the global oil system.

Oil prices saw a slight dip on Monday, with Brent crude futures trading at $102.20 per barrel and U.S. West Texas Intermediate futures at $90.64. Despite some improvements in crude exports through the Strait of Hormuz, Nasser's comments underscored the long-term challenges facing the energy market.