Aramco CEO Warns Oil Inventory Recovery Could Take Two Years
Amin H. Nasser calls for global coordination to secure energy flows after conflict disrupted oil shipments through the Strait of Hormuz.
President and CEO of Saudi Aramco Amin H. Nasser warned that rebuilding global oil inventories could take up to two years once market confidence returns and the Strait of Hormuz fully reopens. Speaking at the Energy Intelligence Forum in London, Nasser noted that regional conflict has disrupted flows through the strait, a critical chokepoint that typically handles approximately 20 percent of global petroleum liquids consumption.
Nasser called for increased coordination between governments, energy suppliers, and customers to enhance resilience against geopolitical shocks. He argued that oil and gas remain the lifeblood of modern civilization and cautioned that the energy transition is not a total solution, as renewable technologies like wind and solar face their own critical material shortages.
To mitigate future disruptions, Saudi Aramco is studying additional crude-export routes and expanding overseas storage. Nasser highlighted the company's existing resilience strategies, which include maintaining spare production capacity and utilizing the Bahri tanker fleet. He urged the international community to align on emergency responses and joint stockpiling to safeguard the free flow of energy and goods.
