Aramco CEO Says Rebuilding Oil Inventories After Hormuz Reopening Could Take Up to Two Years
LONDON, Oct 6 (Saudi Arabia Breaking News) — Aramco President and CEO Amin H. Nasser warned that pressure on global oil markets could intensify until the Strait of Hormuz fully reopens, adding that rebuilding inventories while meeting demand could take up to two years.
Speaking at the Energy Intelligence Forum 2026 in London, Nasser called for greater coordination among governments, oil suppliers and customers to strengthen the energy sector’s ability to withstand geopolitical shocks.
He said confidence would also need to return after the reopening of Hormuz before market pressures begin to ease.
Nasser emphasized the continuing role of hydrocarbons in energy security and economic stability.
“Oil and gas are not just tradable commodities. They are the lifeblood of modern civilization,” he said.
He also warned that shortages stemming from the current geopolitical crisis extend beyond crude oil and gas, pointing to materials including aluminum, sulfur, helium and petrochemicals.
Those supply constraints can also affect solar power, wind energy and electric vehicles, Nasser said.
The Middle East remains central to global energy markets, with around half of the world’s proven oil reserves and most available spare production capacity located in the region, according to Nasser.
He said the region’s strategic importance could increase as other resource bases mature and newly discovered resources become harder to develop competitively.
Nasser described Aramco’s resilience as a “vast, complex jigsaw puzzle,” citing the company’s global strategic storage, spare production capacity, multiple crude grades, domestic gas storage and tanker fleet operated through Bahri.
He also pointed to Aramco’s balance sheet and domestic supply chain, which has provided more than 90% of materials used in asset restoration efforts.
Aramco is examining additional crude export routes and more overseas storage options to help manage short-term supply disruptions, Nasser said.
The Energy Intelligence Forum brings together senior energy executives, government officials, investors and other industry participants to discuss major challenges facing global energy markets.
