Saudi Aramco CEO: Global oil supply buffers are worryingly thin

智通财经2026/10/05 08:36

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Saudi Aramco CEO Amin Nasser stated that the global oil supply buffer is “worryingly thin.” He noted that current commercial crude oil inventories are less than 6 billion barrels, with the vast majority essentially inaccessible. He said that while emergency reserves may help us get through the winter, they cannot solve long-term supply issues. Until the Strait of Hormuz is fully reopened and market confidence is restored, the pressures on crude oil and refined product prices will intensify. He added that these inventories have offset more than 1 billion barrels of lost oil supply, with most of that coming from onshore commercial stocks, which are now “the only major tool left in the toolbox.” He mentioned that the total crude oil supply has dropped by nearly 3 billion barrels, about half of the normal amount transported through the Strait of Hormuz. Nasser also pointed out that at the time the world was in crisis, oil inventories stood at nearly 10 billion barrels. He indicated that it might take up to two years to replenish stocks while meeting ongoing demand. Nasser further stated that seaborne shipping has been severely impacted, and the supply chain is currently under significant strain.

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