Aramco CEO Warns Global Oil Inventory Recovery May Take Two Years

Key Facts

1Aramco's CEO warned that rebuilding global oil inventories could take two years after the reopening of the Strait of Hormuz.

2The report noted that less than 10% of stocks are currently available amid a persistent diesel shortage.

Aramco CEO Amin Nasser warned that rebuilding global oil inventories could take up to two years following the reopening of the Strait of Hormuz. According to reports citing the CEO, global stockpiles are severely depleted, with less than 10% of world inventories currently available for practical use.

The warning comes amid a persistent global diesel shortage, with refined products accounting for only about 11% of cargoes through the Strait of Hormuz due to damaged refineries. Separately, the API Crude Oil Stock Change report on September 29, 2026, showed an increase of 1.019 million barrels, contrasting with forecasts that had anticipated a 1.9 million barrel draw.