Aramco chief says Hormuz disruption will deepen global oil squeeze as commercial stocks fall below 6 billion barrels and recovery may take two years

Saudi Aramco President and CEO Amin Nasser warned on October 12 that pressure across energy markets would intensify until the Strait of Hormuz fully reopens and confidence returns. Speaking at the 25th WPC Energy Conference in Riyadh, he described the global crude-oil squeeze as “serious.”

Nasser said rising refined-fuel prices were worsening the strain. Commercial onshore oil inventories have fallen well below 6 billion barrels, he said, with most of the remaining stocks locked up and unavailable as a practical buffer.

Rebuilding inventories while continuing to meet global demand could take up to two years, Nasser said. He also noted that disruption to trade through Hormuz and attacks on other regional energy infrastructure had tested the supply chain.

Nasser said the pressure would persist until the strait fully reopens and market confidence returns.