Aramco CEO: Global Oil Stocks Below 6 Billion Barrels, Rebuild Needs Two Years

Summary

• Amin Nasser said commercial oil inventories have fallen below 6 billion barrels worldwide.
• He put regional supply losses from the seven-month war at about 3 billion barrels.
• Nasser warned the safety margin protecting supply continuity is now extremely limited.

The latest

Global commercial oil inventories have dropped below 6 billion barrels, Saudi Aramco CEO Amin Nasser said, warning that most of that volume is not practically available for immediate use. Speaking at the 2026 Energy Intelligence Forum in London, he said rebuilding depleted reserves could take up to two years, and that markets remain exposed unless the Strait of Hormuz fully reopens.

Details

• The war's toll: Nasser said the seven-month war between the United States, Israel and Iran cost the region roughly 3 billion barrels of oil supplies, nearly half the crude and refined products that would otherwise have moved through the Strait of Hormuz over the same period.
• How the gap was filled: More than 1 billion barrels were drawn from oil reserves to cushion the shortage, Nasser said, while governments released over 300 million barrels from strategic petroleum reserves, with agreements in place to release further volumes. He did not name the governments involved.
• Company stockpiles: The bulk of the compensatory supply came from company inventories rather than state reserves, according to Nasser, who described those commercial stockpiles as the last major tool available to support the market.
• Strategic reserves: Emergency releases by major economies may deliver short-term relief but will not resolve the underlying supply-demand imbalance in global energy markets, Nasser said. He did not specify what volume of additional releases had been agreed.
• Infrastructure under attack: Nasser said ships transiting the Strait of Hormuz have been attacked in recent weeks, along with pipelines, refineries and ports belonging to Aramco. Satellite imagery and open ship-tracking databases are increasingly being used to target energy infrastructure and tankers, he said.
• The transparency warning: The Aramco chief argued that open-data tools built for monitoring are being repurposed against the industry, stressing that "transparency tools should not be turned into tools of aggression." He did not identify who carried out the recent attacks.
• Prices and costs: The market still suffers from short supply and elevated transportation costs, Nasser said, noting that spot prices for North Sea crude have climbed to their highest levels since April. He gave no price figure.
• The timeline: Replenishing stockpiles while simultaneously meeting global demand could take up to two years even after the conflict ends, Nasser said, urging governments to prioritize energy security and strengthen supply-chain resilience.
• Aramco's response: The company is exploring additional export routes for Saudi crude and expanding storage facilities outside the Kingdom, Nasser said. He did not name the locations under consideration or give a timeline for the expansion.

Background

The Strait of Hormuz is the chokepoint for a large share of seaborne crude and refined-product flows from the Gulf. Nasser tied the current inventory squeeze directly to its disruption during the conflict, and conditioned market normalization on its full reopening.

Between the lines

Nasser's framing points to a market with no remaining cushion. Strategic reserves released over 300 million barrels, commercial stockpiles absorbed more than 1 billion, and what is left sits below 6 billion barrels that he says is largely not usable on demand. That sequence explains why he calls company inventories the last major tool: the two faster options have already been spent.

What's next

Watch whether the Strait of Hormuz fully reopens, any further coordinated strategic reserve releases by major economies, North Sea spot price moves, and Aramco announcements on new export routes or overseas storage capacity.

Source: Saudi Gazette