Saudi Aramco Warns Global Oil Inventories Reach Critically Low Levels

Global oil stockpiles have reached dangerously thin levels due to supply disruptions from the war on Iran.

Saudi Aramco chief executive Amin Nasser warned that global oil inventories have reached critically low levels due to the ongoing conflict involving Iran. Speaking in London, Nasser noted that the region lost nearly three billion barrels in supply while commercial reserves dropped below six billion barrels. Rebuilding these depleted stockpiles could require up to two years.

• Amin Nasser delivered his remarks during the Energy Intelligence Forum conference held in London.
• More than one billion barrels of oil were extracted from reserves to mitigate the supply drop.
• The executive stated that the vast majority of remaining commercial inventories are not practically available for use.

Written from 2 of 3 outlets — 1 has since joined this story.

By the numbers

Timeline

1. Oct 5Amin Nasser warned that depleted oil inventories could take up to two years to rebuild.
2. Oct 6Aramco's chief executive stated at a London conference that reserve cushions are scarily thin.

In this story

Covered by 3 outlets

• EuronewsAfter summaryGlobal oil stocks are alarmingly low and could take two years to rebuild, Aramco warns3m ago · open ↗
• Middle East EyeSaudi Aramco chief warns of 'scarily thin’ global oil stockpiles, amid war on Iran1h ago · open ↗
• Financial TimesSaudi Aramco chief warns world’s oil stockpiles are ‘scarily thin’23h ago · open ↗

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