Saudi Aramco chief says global oil stockpiles are scarily thin
Amin Nasser of Saudi Aramco warned that world oil reserves are critically low during a conflict with Iran at the Energy Intelligence Forum in London on Monday.
Conflict reduces regional supply significantly
Nasser stated that the war has cut oil output from the region by nearly three billion barrels. Over one billion barrels have been released from reserves to cushion this depletion. He noted that less than six billion barrels of commercial inventories remain today.
Most remaining stock is unavailable
The chief executive emphasized that the vast majority of these remaining barrels are not practically available for use. He told the audience in London that the global supply resilience cushion is currently scarily thin. The system is already straining under this pressure.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Business Recorder
- Middle East Eye
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