Saudi Arabia and Aramco seek foreign partners to expand strategic oil stockpiles as demand is expected to reach 3 million bpd following the US-Israeli war on Iran

Saudi Arabia and state-owned oil company Aramco are seeking partnerships with other countries to expand strategic oil stockpiles, CEO Amin Nasser told Al-Arabiya Business TV on Thursday. He said demand is expected to reach 3 million barrels per day (bpd) following the US-Israeli war on Iran.

Saudi daily oil production was below 7 million bpd for most of the war’s first six months, down from more than 10 million bpd before Feb. 28, according to the International Energy Agency. Nasser previously said Aramco’s incident response capabilities had become more than six times faster than the industry average, and Saudi output recovered to around 8 million bpd in September.

Aramco has deployed inspection drones to assess damage while incidents are unfolding. Around 90% of its repair materials are produced locally or held in domestic warehouses, Nasser said.

The company is also examining alternative export routes that would bypass the Strait of Hormuz, Bab al-Mandab and the Suez Canal.