Saudi Aramco chief says replenishing global oil stockpiles could take two years

The chief executive of Saudi Aramco said Monday it could take up to two years to rebuild global oil inventories, warning that the squeeze on supplies could yet get worse as the U.S.-Iran war drags on. Speaking at the Energy Intelligence conference in London, Saudi Aramco CEO Amin Nasser said pressure at both ends of the barrel will intensify until the strategically vital Strait of Hormuz fully reopens and confidence returns to energy markets. The war has severely disrupted shipping through the strait, a narrow waterway that typically handles around 20% of the world's oil and liquefied natural gas supplies, sending shock waves through the global economy.