Aramco Chief Warns of Two-Year Oil Stock Replenishment Delay
Saudi Aramco's CEO has warned that replenishing global oil stockpiles following recent disruptions could take up to two years. This assessment comes amid ongoing tensions in the Middle East, including a recent attack on the Saudi East-West Pipeline, which has further strained energy markets.
Japan's Chief Cabinet Secretary, Daisuke Kihara, commented on the situation, calling the arrest of a U.S. serviceman in Okinawa 'regrettable.' He emphasized that Japan is seeking disciplinary measures from U.S. forces and has no plans to release additional oil reserves beyond what has already been tapped.
The global energy supply shock, now seven months into the conflict with Iran, continues to pose significant uncertainty for risk assets. The six-month WTI crude oil contract has surged roughly 25% since the end of February, mirroring trends seen in previous geopolitical oil shocks.