BAKU, Azerbaijan, October 12. Saudi Aramco CEO Amin Nasser has warned that pressure on global crude oil supplies will intensify unless the Strait of Hormuz is fully reopened.
“The squeeze on crude oil is serious,” Nasser said at the WPC Energy Congress in Riyadh, adding that rising prices for refined fuels were making the situation even more challenging.
He said commercial offshore inventories, described as the last available buffer for the market, had fallen to well below six billion barrels, with the vast majority of those stocks already tied up.
According to Nasser, replenishing inventories while continuing to meet global demand could take up to two years.
His remarks highlight concerns about the wider consequences of prolonged disruption to the Strait of Hormuz, a key route for international energy shipments. Any sustained restrictions on shipping through the waterway could place further pressure on crude supplies, refined fuel markets and energy prices worldwide.
