Aramco CEO Warns Oil Inventories Are ‘Scarily Thin’

AI Summary

Saudi Aramco CEO Amin Nasser warned that the Iran war has removed nearly 3 billion barrels of gross oil supply, leaving global inventories unusually low despite recovering Middle Eastern flows. More than 1 billion barrels have reportedly been drawn from stocks to compensate for the disruption.

Saudi Aramco CEO Amin Nasser warned Monday that the world has lost nearly 3 billion barrels of gross oil supply since the Iran war began, equivalent to roughly half the crude and products that normally would have moved through the Strait of Hormuz over the same period, leaving global inventories “scarily thin” even as crude flows from the Middle East recover. The world entered the crisis with almost 10 billion barrels of oil stocks, according to Nasser, but more than 1 billion barrels have since been drawn from inventories to offset…