Saudi Aramco CEO Amin Nasser warned that global oil inventories may take two years to recover as the U.S.-Iran conflict continues to disrupt energy supplies.
Key facts
- •Saudi Aramco CEO Amin Nasser estimates a two-year timeline to replenish global oil inventories.
- •The Strait of Hormuz typically handles 20% of the world's oil and liquefied natural gas supplies.
- •Nearly 3 billion barrels of oil supply have been lost since late February.
- •G7 nations agreed to release 100 million barrels of crude and diesel from emergency reserves.
- •Brent crude futures traded at $102.20 per barrel, while U.S. West Texas Intermediate stood at $90.64.
Saudi Aramco CEO Amin Nasser stated on Monday that it could take up to two years to rebuild global oil inventories. Speaking at the Energy Intelligence conference in London, Nasser warned that supply pressures will likely intensify until the Strait of Hormuz fully reopens and market confidence is restored.
By the numbers
Impact of the U.S.-Iran Conflict
The ongoing conflict has significantly disrupted shipping through the Strait of Hormuz, a waterway that typically accounts for approximately 20% of global oil and liquefied natural gas supplies. According to Nasser, nearly 3 billion barrels of oil supply have been lost since military strikes on Iran began in late February.
Status of Emergency Reserves
G7 governments recently agreed to release 100 million barrels of diesel and crude from emergency reserves following pressure from U.S. President Donald Trump. While 1 billion barrels have been released from stocks to date, Nasser noted that the remaining 6 billion barrels in storage are not practically available.
Advertisement
This article was independently rewritten by ManyPress editorial AI from reporting originally published by CNBC Europe.
