Replenishing crude, fuel supplies could take two years: Saudi Aramco CEO

[LONDON] The squeeze on supplies of crude oil and refined fuels is set to worsen, and refilling global stockpiles tapped as an emergency measure might take two years, Saudi Aramco chief executive Amin Nasser told the Energy Intelligence conference in London on Monday (Oct 5).

“Until Hormuz fully re-opens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify. Even then, replenishing inventories while meeting demand could take up to two years,” he said.

Almost 3 billion barrels of oil supply have been lost since the start of the conflict, Nasser said, while 1 billion of oil was released from stocks.

Adding to pressure, most of the stock draw to date came from commercial inventories, while the remaining 6 or so billion in storage is “not practically available,” Nasser said.

“The system is already straining.” REUTERS