Saudi Aramco CEO Warns Global Oil Inventories Have Fallen to Critically Low Levels
Source Summary
Saudi Aramco CEO Amin Nasser warned that the world has lost nearly 3 billion barrels of gross oil supply since the Iran war began, equivalent to roughly half the crude and products normally moving through the Strait of Hormuz over the same period. Global inventories have fallen to what Nasser described as "scarily thin" levels, with more than 1 billion barrels drawn from the initial stock of almost 10 billion barrels to offset supply losses.
Why it matters
Critically low global oil inventories reduce the market's ability to absorb supply disruptions, potentially amplifying price volatility and economic impacts from further geopolitical shocks.
