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Saudi Aramco Warns Global Oil Inventories at Grossly Low Levels; Commercial Inventories Below 6B Barrels
2026-10-05 16:59:25 Saudi Aramco CEO Amin Nasser said current global oil inventory levels are alarmingly low, with commercial inventories estimated at less than 6 billion barrels, most of which are operationally inaccessible. He believes rebuilding inventories depleted during the Middle East conflict could take as long as two years. He said the Iran war has reduced oil supply in the region by nearly 3 billion barrels, equivalent to about half of the crude oil and refined products that would normally have passed through the Strait of Hormuz during the period. More than 1 billion barrels of oil have already been drawn from reserves to fill the supply gap. ~ AASTOCKS Financial News Website: www.aastocks.com | |