Saudi Aramco CEO Warns Global Oil Inventories Hit Critical Lows
Amin H. Nasser warns that global crude oil inventories have fallen below six billion barrels and could take two years to recover.
Saudi Aramco CEO Amin H. Nasser warned that global crude oil inventories have reached dangerously low levels due to conflict in the Middle East and disruptions in the Strait of Hormuz. Speaking at the World Petroleum Council Energy Congress in Riyadh and the Energy Intelligence Forum in London, Nasser reported that gross oil supply has fallen by nearly 3 billion barrels since the crisis began.
Nasser stated that commercial onshore inventories have dropped below six billion barrels, which he described as the "last available buffer." He noted that much of the remaining oil is effectively unavailable to the market and estimated that it could take up to two years to replenish these stocks while meeting global demand, even after flows through the Strait of Hormuz return to normal.
To address rising energy needs, Saudi Aramco plans to increase its sales-gas production capacity by approximately 80 percent by 2030 relative to 2021 levels.
