Aramco CEO Nasser Says Global Oil Inventory Rebuild Could Take Two Years After Hormuz Reopens

Saudi Aramco President and CEO Amin H. Nasser warned Monday that replenishing global oil inventories while meeting demand could take up to two years, even after the Strait of Hormuz fully reopens. Speaking at an Energy Intelligence conference in London on Oct. 5, 2026, Nasser said the world entered the crisis with roughly 10 billion barrels of global oil stocks. Nearly 3 billion barrels of gross supply has since been lost — about half the crude and products normally moved through Hormuz over the same period. More than 1 billion barrels have been withdrawn from storage, with onshore commercial inventories absorbing the largest share. Fewer than 6 billion barrels of commercial inventories remain, most not practically accessible. He called it the most serious energy supply shock of his career. The IMF has modeled a severe scenario in which global growth falls to 2% next year while inflation exceeds 6%. The remarks followed a G7 agreement to draw down 100 million barrels of diesel and crude from emergency stockpiles. Brent December futures rose 0.7% to $102.92 a barrel; November WTI slipped 0.4% to $90.76.