Saudi Aramco chief says replenishing global oil stockpiles could take two years
Amin Nasser said inventories drawn down during the disruption may take up to two years to rebuild, even after the Strait of Hormuz reopens.
TL;DR
- Saudi Aramco CEO Amin Nasser said replenishing inventories while meeting demand could take up to two years.
- Nasser linked the estimate to depleted stocks and the condition that the Strait of Hormuz fully reopens and confidence returns.
- The timeline is an executive assessment, not an independently measured forecast of future supply or prices.
Nasser told the Energy Intelligence conference in London that replenishing inventories while meeting demand could take up to two years, after almost 3 billion barrels of supply had been lost and 1 billion barrel had been released from stocks, according to Reuters reporting carried by The Business Times. [1] [2]
CNBC separately reported Nasser’s estimate and his view that market pressure would persist until the Strait of Hormuz fully reopened. The estimate is attributed to the company chief and should not be read as a verified supply projection. [1] [2]
Why it matters
The comments frame inventory rebuilding as a longer-tail issue after immediate supply disruptions ease. Because the estimate comes from an industry executive, it is a signal about the producer’s assessment rather than a neutral forecast of market balance.
Editor's note
The figure and conditional wording are attributed to Nasser. The Business Times article carries Reuters reporting; CNBC provides separate coverage of the conference remarks.