Amin Nasser says global oil inventories may take 2 years
Rebuilding the world's oil inventories might take up to two years, according to Saudi Aramco CEO Amin Nasser.
The ongoing U.S.-Iran conflict has already wiped out nearly three billion barrels of supply and prompted around 1 billion barrels to be drawn from stocks.
Even though oil is starting to flow again through key routes like the Strait of Hormuz, the global supply chain is still feeling the strain.
G-7 agree 100 million barrel release
The Strait of Hormuz, a major route for about 20% of the world's oil and liquefied natural gas supplies, has faced serious disruptions, keeping markets on edge.
To help ease some pressure, G-7 countries have agreed to release 100 million barrels from emergency reserves following pressure from US President Donald Trump.
As Nasser put it, "Even then, replenishing inventories while meeting demand could take up to two years," and replenishing those inventories won't be quick or easy.