Aramco CEO warns global oil inventories could take two years to replenish

RIYADH — Saudi Aramco President and CEO Amin Nasser revealed that replenishing oil stocks could take approximately two years, amid mounting pressures on crude oil supplies and ongoing challenges in global energy markets.Addressing the World Petroleum Congress (WPC Energy) in Riyadh on Monday, Nasser confirmed that Aramco is exploring additional crude oil export routes and expanding its external storage facilities to enhance supply flexibility and strengthen the company’s resilience against potential fluctuations and disruptions in energy markets. The Aramco chief noted that the sharp surge in refined fuel prices has further complicated the current situation, underscoring the importance of international cooperation and concerted efforts to safeguard energy infrastructure and transportation routes, thereby ensuring supply security and maintaining stability in global markets. Nasser warned that the repercussions of targeting energy infrastructure in the region extend beyond its own markets to economies and markets worldwide. The Aramco chief stated that the disruptions in the Strait of Hormuz and the attacks on energy infrastructure in the region have revealed the interconnectedness of the global supply chain. “The continued disruptions exacerbate pressure on crude oil and refined product markets, particularly diesel,” he pointed out. Outlining the company’s future plans, Nasser explained that Aramco aims to increase gas sales and expand its production capacity by approximately 80 percent by 2030, compared with 2021 levels. This forms part of its broader strategy to meet growing energy demand and support the transformation of the global energy sector.