Aramco CEO warns global oil inventories 'scarily thin'

 Saudi Aramco CEO Amin Nasser warned on Monday that global oil inventories have fallen to "scarily thin" levels and that markets will remain under pressure until the Strait of Hormuz fully reopens, while adding that "replenishing inventories while meeting demand could take up to two years."

Speaking at the Energy Intelligence Forum in London, Nasser said the seven-month US-Israel-Iran conflict had cut regional oil supplies by nearly 3 billion barrels, while more than 1 billion barrels had been drawn from reserves to offset the shortfall.

He estimated that under 6 billion barrels of commercial inventories remain, with most not practically available. Planned releases of up to 100 million barrels of emergency oil and diesel stocks would provide only temporary relief, he said. Gulf producers have increased exports, with shipments reaching 15.5 million barrels a day last month, according to commodity tracker Kpler.

https://breakingthenews.net/Article/Aramco-CEO-warns-global-oil-inventories-'scarily-thin'/67233107