Aramco CEO: Oil Stocks Are Scarily Thin, Replenishment Takes Two Years

Saudi Aramco CEO Amin Nasser warned that the global oil system is strained and that restoring inventories after the Iran-related Strait of Hormuz disruption could take up to two years, keeping oil and diesel prices elevated through at least late 2028. Speaking at the Energy Intelligence Forum in London—his first in-person public address since the war began Feb. 28—Nasser said nearly 3 billion barrels of gross supply have been lost since the conflict started and that rebuilding what has been consumed will take until the strait fully reopens. He noted the G7’s Oct. 2 decision to release 100 million barrels of emergency reserves via the International Energy Agency, calling it necessary but “structurally insufficient.” Nasser said about 20 million barrels per day previously moved through the strait, roughly one-fifth of global petroleum liquids demand. He added that more than one billion barrels have already been drawn from reserves worldwide and that most of the roughly 6 billion barrels remaining is not practically accessible.