Speaking at the Energy Intelligence Forum in London on Monday, Saudi Aramco CEO Amin Nasser issued a warning on global crude oil stockpiles. He indicated that global usable oil inventories remain at an extremely tight level, and a full market inventory rebuild could take up to two years while sustaining regular global consumption demands.
According to Nasser, global crude oil inventories have dropped from 10 billion barrels to below 6 billion barrels amid recent global energy supply volatility. Most existing stocks are restricted by mandatory tank bottom reserves and fixed pipeline volumes, which cannot be mobilized flexibly, leaving minimal buffer capacity against unexpected supply shocks and narrowing global energy market safety margins.
He emphasized that short-term strategic reserve releases only ease market fluctuations temporarily and cannot resolve structural supply-demand imbalances. Inventory replenishment requires a prolonged supply surplus to refill depleted reserves after covering daily global consumption. The timeline pressure will intensify if major consuming nations raise their strategic stockpile targets.
In parallel, Saudi Aramco is optimizing its global supply layout by diversifying crude export routes and overseas storage infrastructure, reducing reliance on single shipping corridors and enhancing the stability and risk resistance of the global oil supply system. The authoritative statement confirms a tight balance for the global crude market in the next two years, which will continuously impact international oil prices and global energy allocation strategies.