Replenishing crude, fuel supplies could take two years, Saudi Aramco CEO says
USO•Saudi Aramco CEO Amin Nasser said replenishing global oil inventories while meeting demand could take up to two years. He said nearly 3 billion barrels of supply have been lost since the conflict began, while 1 billion barrels have been released from stocks.
1. Stockpiles may take years to refill
The squeeze on crude oil and refined fuel supplies is set to worsen, Nasser told an energy conference in London. He said pressure could intensify until the Strait of Hormuz fully reopens and confidence returns, and that replenishing inventories while meeting demand could take up to two years.
2. Supply losses and available stocks
Nasser said almost 3 billion barrels of oil supply have been lost since the conflict began, while 1 billion barrels have been released from stocks. Most of the stock draw so far came from commercial inventories; he said the roughly 6 billion barrels remaining in storage are “not practically available.”
