Global energy risks rise as Aramco warns of low reserves and Ukraine drone attack hits Indian pharma plant

Saudi Aramco CEO Amin Nasser has warned that global oil reserves have reached dangerously low levels, increasing the risk of a global energy crisis. Speaking at the Energy Intelligence Forum in London, Nasser emphasized that the full normalization of transit through the Strait of Hormuz is essential to mitigate supply risks and restore market confidence.

Nasser noted that while the release of strategic petroleum reserves by major economies provides short-term relief, it does not address the underlying supply and demand imbalances. He estimated that it could take approximately two years to return global oil reserves to normal levels even after the Strait of Hormuz is fully stabilized.

Separately, an Indian pharmaceutical company, Kusum Healthcare, reported that a drone attack struck its manufacturing facility in Sumy, Ukraine, on October 4. The attack resulted in one employee's death and several injuries, with preliminary damage estimated to exceed $50 million. The company, which exports medicines to 22 countries, has appealed to the Indian government for diplomatic intervention to protect private health sector establishments in conflict zones.