Aramco CEO warns rebuilding global oil inventories could take up to two years
On 5 Oct 2026 Saudi Aramco CEO Amin Nasser said it could take up to two years to replenish global crude and refined-fuel stocks drawn down during the Strait of Hormuz disruption, signaling a potentially prolonged period of tight oil markets and constrained supply buffers.
The desk brief
On 5 Oct 2026 Saudi Aramco CEO Amin Nasser said it could take up to two years to replenish global crude and refined-fuel stocks drawn down during the Strait of Hormuz disruption, signaling a potentially prolonged period of tight oil markets and constrained supply buffers.
If inventories take up to two years to rebuild, prolonged tightness would support export revenues for African crude producers such as Angola, while leaving fuel-importing African economies (for example Egypt) exposed to sustained higher fuel costs, wider sovereign spreads and strained FX reserves. The statement is a supply-side signal; actual price and spread moves will depend on demand, alternative flows and policy responses.
Next OPEC+ review on 1 November 2026 to reassess production settings and market conditions.
Sources & verification
Developing storyFurther independent confirmation is required.
- Saudi Aramco chief says replenishing global oil stockpiles could take two yearscnbc.comSource published (opens in a new tab)
- Oil inventories 'scarily thin', rebuilding buffers could take two years: Aramco chieftradearabia.com (opens in a new tab)
Public references supporting this brief.