Global oil stocks are alarmingly low and could take two years to rebuild, Aramco warns

Saudi Aramco chief executive Amin Nasser has warned that the world’s oil supply cushion is shrinking. The head of the world’s largest oil company said the Iran war has drained stocks that could help offset further supply disruptions. The effective closure of the Strait of Hormuz, the narrow waterway that typically handles around 20% of the world’s oil and liquefied natural gas supplies, led to major supply disruptions and higher prices, hitting the global economy. Seven months into the war, the global oil stockpile system is "already straining," said Nasser, speaking at the Energy Intelligence Forum in London on Monday.