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Saudi Aramco chief warns world’s oil stockpiles are ‘scarily thin’

Global oil stockpiles are at scarily thin levels and could take up to two years to rebuild, Saudi Aramco Chief Executive Amin Nasser warned. Speaking at the Energy Intelligence Forum in London, Nasser stated that the global oil supply system is already straining with precious little else the world can turn to. A billion barrels of oil have been released from stocks so far, and replenishing global inventories will boost oil demand for years. Brent crude hovers around $100 a barrel amid ongoing Middle East disruptions.

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  • ✓ Saudi Aramco Chief Executive Amin Nasser stated that global oil stockpiles are scarily thin and the system is already straining.
  • ✓ Nasser warned at the Energy Intelligence Forum in London that replenishing global oil stockpiles could take two years.
  • ✓ A billion barrels of oil have been released from stocks so far.
  • ✓ Brent crude hovers around $100 a barrel despite news of increased Middle East oil flows.
🛡️ Source Corroboration: 11 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

Saudi Aramco CEO Amin Nasser publicly warned at a London conference that global oil supply reserves are severely depleted and could take two years to replenish.

Live updates

  1. Saudi Aramco Warns Global Oil Stockpiles Are Scarily Thin

    Global oil stockpiles are at scarily thin levels and could take up to two years to rebuild, Saudi Aramco Chief Executive Amin Nasser warned. Speaking at the Energy Intelligence Forum in London, Nasser stated that the global oil supply system is already straining with precious little else the world can turn to. A billion barrels of oil have been released from stocks so far, and replenishing global inventories will boost oil demand for years. Brent crude hovers around $100 a barrel amid ongoing Middle East disruptions.

    Why it matters

    Global energy markets face mounting pressure as supply buffers shrink amid regional conflict involving Iran-backed Houthi forces in Yemen and the US-Iran war. G7 nations previously agreed to release more of their inventories to ease supply concerns. The protracted effort to rebuild depleted global stocks threatens to sustain elevated energy demand and keep crude prices high.

    What is confirmed

    • Saudi Aramco Chief Executive Amin Nasser stated that global oil stockpiles are scarily thin and the system is already straining.
    • Nasser warned at the Energy Intelligence Forum in London that replenishing global oil stockpiles could take two years.
    • A billion barrels of oil have been released from stocks so far.
    • Brent crude hovers around $100 a barrel despite news of increased Middle East oil flows.

    Still unconfirmed

    • Yemen's Houthis stated they struck Riyadh's King Khalid International Airport, an Aramco refinery, and other targets in the kingdom's south.

    What to watch next

    • Decisions by G7 nations regarding further releases of strategic oil inventories
    • Developments in Red Sea shipping lanes and the military conflict involving Iran-backed Houthi forces
    Sources used for this update (11)
    1. Financial Times — Saudi Aramco chief warns world’s oil stockpiles are ‘scarily thin’
    2. CNBC — Saudi Aramco chief says replenishing global oil stockpiles could take two years
    3. qz.com — Aramco CEO Amin Nasser warns on global oil inventory rebuild
    4. WSJ — Replenishing Oil Stockpiles Will Boost Oil Demand for Years, Aramco CEO Says
    5. Bloomberg.com — Global Oil Supply Buffer Running ‘Scarily Thin,’ Aramco CEO Says
    6. www.yahoo.com — Battle with Iran-backed Houthis in Yemen tempers news on oil flow
    7. english.aawsat.com — Saudi Aramco Boss Says Global Oil Stockpiles 'Scarily Thin'
    8. www.dailymail.com — Saudi Aramco boss admits global oil stockpiles are 'scarily thin' amid mounting chaos in Middle East
    9. www.channelnewsasia.com — Yemen's Houthis say they struck Riyadh airport, other Saudi sites - CNA
    10. www.euronews.com — Global oil stocks are alarmingly low and could take two years to rebuild, Aramco warns
    11. www.businesstimes.com.sg — 'Scarily thin' global oil stocks could take two years to rebuild, Saudi Aramco chief warns - The Business....
    confidence 100%
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