Saudi Aramco CEO warns global oil reserves face two-year recovery

Amin Nasser, CEO of Saudi Aramco, has warned that global oil reserves may require up to two years to fully recover from recent disruptions. Nasser highlighted the ongoing strain on oil supplies, emphasizing that restoring market confidence and reopening the Strait of Hormuz are critical steps in alleviating the pressure.

The current challenges stem from a conflict between the United States and Iran in the Persian Gulf, which has led to the closure of the Strait of Hormuz, a vital route for global oil shipments. This disruption has forced several countries to tap into their strategic petroleum reserves to compensate for the supply shortages.

Despite efforts to meet current demand, Nasser cautioned that replenishing depleted reserves will take time, potentially extending up to two years. The situation underscores the fragility of global oil markets and the need for stability in key regions like the Persian Gulf.