Aramco CEO Says Rebuilding Oil Stocks Could Take Two Years

Saudi Aramco chief executive Amin Nasser warned that restoring depleted global oil inventories while continuing to meet demand could take up to two years, as the U.S.-Iran conflict disrupts regional supply and leaves markets with a reduced buffer against further shocks. Speaking Monday, October 5, at the Energy Intelligence Forum in London, Nasser said the conflict had cut regional oil supply by nearly three billion barrels since it began in late February. He said about one billion barrels had been drawn from stocks to cushion the shortfall. The estimates reflect Nasser’s account; the reports do not provide an independent inventory assessment or consistent definitions for the stock categories involved. Nasser said global oil stocks had fallen from about 10 billion barrels when the conflict began to less than six billion. He estimated that only about 10% of the remaining volume was practically available, citing technical restrictions. One account described the figure as commercial inventories, while another referred more broadly to global stocks, leaving the precise categories unclear.