World's oil supply cushion is 'scarily thin,' says Aramco chief

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1. 1h ago

   Saudi Aramco CEO Says Global Oil Supply Cushion Is Scarily Thin

   Global oil stockpiles have become scarily thin, according to Saudi Aramco chief executive Amin Nasser, speaking at the Energy Intelligence Forum in London. Nasser stated that the seven-month Middle East war has cut regional supply by nearly three billion barrels and warned that replenishing global oil inventories could take up to two years once the conflict ends. Industry executives cautioned that oil market turmoil could last for years, with accessible storage running low, leaving the market highly fragile and placing continuous upward pressure on prices.

   Why it matters

   The global oil market remains severely constrained due to depleted inventories, ongoing Middle East conflicts, and limited fuel exports from major producers. Executives warn that the current strain on supply buffers elevates the risk of extreme price volatility heading into winter. Saudi Aramco noted that without the East-West pipeline, oil prices would have already surged to $200 a barrel.

   What is confirmed

   • Saudi Aramco chief executive Amin Nasser stated that global oil stockpiles are scarily thin.
   • Replenishing global oil stockpiles could take up to two years, according to the Aramco chief.
   • Oil prices would have hit $200 a barrel if not for the East-West pipeline, according to the Aramco chief.
   • Industry executives warned that oil market turmoil could last for years.

   Still unconfirmed

   • The seven-month Middle East war cut regional supply by nearly three billion barrels.
   • Mideast oil chiefs warned that the world needs to share Iran-war costs.

   What to watch next

   • Developments in the Middle East conflict affecting regional oil output
   • Timeline updates regarding the replenishment of global oil inventories
   Sources used for this update (12)

   1. CNBC — Saudi Aramco chief says replenishing global oil stockpiles could take two years
   2. Reuters — Oil market turmoil could last for years, executives say
   3. The Telegraph — Oil stockpiles are ‘scarily thin’, warns Saudi energy boss
   4. thenationalnews.com — Oil prices would have hit $200 a barrel if not for East-West pipeline, Aramco chief says
   5. aramco.com — Remarks by Amin H. Nasser at the 2026 Energy Intelligence Forum in London
   6. Politico — World's oil supply cushion is 'scarily thin,' says Aramco chief
   7. Yahoo Finance — Global Oil Supply Buffer Running ‘Scarily Thin,’ Aramco CEO Says
   8. Bloomberg.com — Mideast Oil Chiefs Warn World Needs to Share Iran-War Costs
   9. Reuters — Oil, fuel supply buffers are thinning as Middle East conflict continues, Chevron CEO says
   10. finance.yahoo.com — Why $100 Oil Is Hard to Kill
   11. nypost.com — The world has nearly burned through its oil stockpile buffer, executives say: ‘System is already straining’
   12. primexbt.com — Aramco CEO says world's oil stockpiles are 'scarily thin'
   confidence 100%