From euronews · Wessam Al Jurdi · · 1m 10s
Oil Stocks at Risk
Aramco warns global oil stocks could take two years to rebuild after war disruptions.
In brief
Aramco warns global oil stocks could take two years to rebuild after war disruptions. Saudi Aramco says global oil inventories are alarmingly low and may take two years to recover from war-related supply losses. Originally reported by euronews.
Aramco chief warns
Saudi Aramco CEO Amin Nasser says the world’s oil supply cushion is shrinking due to the Iran war.
Strait of Hormuz closure
The effective closure of the Strait of Hormuz, which handles 20% of global oil and liquefied natural gas, caused major supply disruptions.
Stockpiles strained
Seven months into the Iran war, global oil stockpiles are 'already straining' according to Aramco CEO Amin Nasser.
Reserves not usable
Less than 10% of reported oil reserves are available for use, with much of the rest needed for infrastructure.
“That's why you find they're struggling with 100 million barrels.”
Stocks lost
Global oil inventories dropped by 3 billion barrels since the crisis began, with 1 billion withdrawn to offset losses.
Rebuilding takes two years
Rebuilding oil inventories after the Strait of Hormuz reopens could take up to two years, Aramco warns.
What it means
Saudi Aramco says global oil inventories are alarmingly low and may take two years to recover from war-related supply losses.
