Aramco Warns of 18-Month Oil Inventory Recovery After Strait of Hormuz Disruption

Saudi Aramco's CEO Amin Nasser painted a dire picture of the global oil supply situation during the company's Q2 2026 earnings call. The US-Israeli conflict with Iran, which began in February 2026, has led to a massive drain on global oil inventories.

Aramco estimates that around 1.8 billion barrels have been lost due to the disruption, a deficit that would take approximately 18 months to refill at a rate of 2.1 million barrels per day. Nasser described the situation as 'the largest supply shock of oil in history.'

The Strait of Hormuz normally handles around one-fifth of the world's petroleum consumption, and its closure has had severe consequences for global oil supplies.