Aramco CEO warns global oil stockpiles may need two years to recover

At a London energy forum, Saudi Aramco CEO Amin Nasser warned that restoring global oil inventories will be a prolonged process, potentially lasting two years. He explained that the war has eliminated almost three billion barrels of supply, prompting the release of one billion barrels from existing stocks. The bulk of this draw has been taken from commercial reserves, leaving roughly six billion barrels in storage that are not practically available for use.

Nasser emphasized that the situation will worsen until the Strait of Hormuz reopens and confidence in the market improves. Even then, balancing demand with replenishment will remain a challenge. He described one outlet system as already strained under these conditions.