Story perspectives

Aramco Warns Oil Inventories Could Take Two Years

By Drooid · Oct 5, 2026, 3:34 PM UTC · How we work

Summary

Story summary

Saudi Aramco CEO Amin Nasser said global oil inventories may need up to two years to rebuild.
Nasser warned that nearly 3 billion barrels of oil supply have been lost since the U.S.-Iran conflict began.
G7 leaders agreed on Friday to release about 100 million barrels of diesel and crude from emergency reserves.
Aramco restored flow on Saudi Arabia’s East-West pipeline to 80% capacity to shift crude toward the Red Sea.

History

Historical Context

In 1973, after the Yom Kippur War, OPEC’s oil embargo cut exports and triggered a global energy crisis. The United States built the Strategic Petroleum Reserve, reaching 727 million barrels by 1980, while Saudi Aramco cut output by 5 million barrels per day. Today, CEO Amin Nasser says the U.S.–Iran clash erased about 3 billion barrels, leading the G7 to release 100 million barrels.

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Story summary

Saudi Aramco CEO Amin Nasser said global oil inventories may need up to two years to rebuild.
Nasser warned that nearly 3 billion barrels of oil supply have been lost since the U.S.-Iran conflict began.
G7 leaders agreed on Friday to release about 100 million barrels of diesel and crude from emergency reserves.
Aramco restored flow on Saudi Arabia’s East-West pipeline to 80% capacity to shift crude toward the Red Sea.

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