Global oil stockpiles have become 'scarily thin' after the Middle East conflict disrupted nearly 3B barrels of regional oil supply, while rebuilding depleted inventories could take up to two years, Saudi Aramco chief executive Amin Nasser warned Monday.
Speaking at the Energy Intelligence Forum in London, Nasser said pressure on oil markets could intensify until the Strait of Hormuz fully reopens and confidence returns. 'Until Hormuz fully reopens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify,' Nasser said. 'Even then, replenishing inventories while meeting demand could take up to two years.'
