Global Oil Inventories Dwindle as War-Related Losses Reach 2.6 Billion Barrels

The world has lost over 2.6 billion barrels of oil since the US-Israeli war with Iran began in February, according to Aramco CEO Amin Nasser.

This staggering figure indicates that global inventories are running low despite efforts to reroute oil flows away from the Strait of Hormuz.

Aramco, the world's top oil exporter, reported a 44% increase in net profit to $32.69 billion for the three months ending June 30, thanks to higher crude oil and refined products prices.

Nasser warned that if the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories.