Aramco CEO Says Refilling Oil Stocks Takes Two Years
Saudi Aramco warns refilling global oil stockpiles could take two years. The ongoing closure of the Strait of Hormuz has drained billions of barrels from supply.
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Refilling global crude and refined fuel stockpiles will take up to two years once emergency withdrawals cease, Saudi Arabia state oil giant chief Amin Nasser said on Monday morning. The warning follows the release of 100 million barrels from strategic reserves by Group of Seven economies. Without swift normalization in key shipping lanes, tighter energy markets risk sustaining elevated costs for industrial consumers worldwide.
