started · updated
Saudi Aramco CEO warns of alarmingly low global oil inventories
Amin Nasser, CEO of Saudi Aramco, has warned that global oil inventories have reached alarmingly low levels. Speaking at the Energy Intelligence Forum in London, Nasser stated that the global energy system is under intense pressure, with safety margins for supply stability becoming dangerously thin.
Nasser noted that approximately 3 billion barrels of oil supplies have been lost due to ongoing conflicts in the Middle East. He emphasized that rebuilding these depleted reserves could take up to two years once maritime navigation through the Strait of Hormuz is fully restored and confidence in shipping is regained.
To mitigate supply shortages, governments have released over 300 million barrels from strategic reserves, and commercial inventories have been utilized as a primary tool to support the market. However, Nasser cautioned that these measures do not address the fundamental imbalance between supply and demand.
Despite these challenges, Gulf producers have increased output. Recent data shows Gulf exports rose to 15.5 million barrels per day, reaching about 80% of pre-crisis levels. Saudi Aramco has also contributed to this resilience by restoring its East-West pipeline to roughly 80% of its capacity.
Entities
Amin Nasser · Iran · Saudi Aramco · Strait of Hormuz · United States
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Remaining global commercial oil inventories are currently below 6 billion barrels. www.albiladpress.com
- [● 3 SOURCES] Amin Nasser warned that global oil inventories have reached alarmingly scarce levels. www.albiladpress.com · alsaudi.news · sarabic.ae
- [● 2 SOURCES] Approximately 3 billion barrels of oil supplies have been lost due to conflict in the Middle East. www.albiladpress.com · sarabic.ae
- [○ 1 SOURCE] The United States has suggested that EU countries release up to 120 million barrels of diesel from strategic reserves. sarabic.ae
- [○ 1 SOURCE] Saudi Aramco has restored its East-West pipeline to approximately 80% of its capacity. alsaudi.news
- [● 3 SOURCES] The global energy system is currently under significant pressure with limited safety margins for supply stability. www.albiladpress.com · alsaudi.news · sarabic.ae
- [● 3 SOURCES] Rebuilding depleted oil reserves could take up to two years once maritime navigation through the Strait of Hormuz is restored. www.albiladpress.com · alsaudi.news · sarabic.ae
- [○ 1 SOURCE] Gulf state oil exports rose to 15.5 million barrels per day last month, reaching over 80% of pre-crisis levels. www.albiladpress.com