Saudi Aramco boss says global oil stockpiles 'scarily thin'
Summary
Saudi Aramco chief executive Amin Nasser said global oil stockpiles are “scarily thin” amid tensions from the US-Iran war, warning that emergency reserves can only buy time and will not solve long-term supply problems. He said less than 10 percent of reported reserves are actually available and pointed to strain across the global energy system.
Key Points
- Amin Nasser said global oil stockpiles are “scarily thin” and the energy system is already straining.
- He warned that less than 10 percent of reported reserves are available because much of the stock is needed to keep infrastructure running.
- Nasser said emergency reserves may help for a winter but cannot fix long-term supply shortages.
- The comments came after G7 nations agreed to release more inventories and as tensions in the Strait of Hormuz continued.