Aramco’s CEO: Refilling Oil Inventories Takes About Two Years and the Pressures on Crude Supplies Have Reached Dangerous Levels

Exclusive Follow-ups — Al-Khabar Al-Yemeni:

The CEO of Saudi Aramco acknowledged on Monday that refilling global oil inventories may take about two years, affirming that “the pressures on crude oil supplies are dangerous at the global level.”

He said that “commercial onshore inventories are now much less than 6 billion barrels, which is the last line of defense available,” in an official acknowledgment of the magnitude of the losses and risks facing the Kingdom as a result of the continued closure of the Strait of Hormuz, and the siege by the Sana’a forces and their continuous attacks on Aramco facilities.

Reports indicate a sharp decline in Saudi oil exports to their lowest levels in decades, in parallel with the rise of Brent crude prices to more than 100 dollars per barrel, and the expectation of a contraction of the gross domestic product by 3.6% in 2026, the widening of the budget deficit, and the halt of a number of major projects.

The “Standard & Poor’s” agency had warned that crude markets are preparing for permanent and extended disruption risks, and that the cumulative loss of supplies is approaching one billion barrels.