Aramco CEO Urges Concern Over Oil Inventories

The CEO of Saudi Aramco warned that global oil inventories have reached critically low levels, increasing the risk of disruptions in energy markets. He emphasized that resuming full passage through the Strait of Hormuz is essential to restore market confidence, noting that rebuilding inventories could take up to two years after the strait is fully reopened. Additionally, the use of strategic reserves will not permanently address the supply and demand gap. The rise in refined product prices reflects industries' reliance on gasoline, diesel, and jet fuel, which could accelerate economic inflation if tensions persist. While Gulf countries are working to increase production and strengthen export routes, the Strait of Hormuz remains central to its impact on prices and worldwide oil flows. Despite increased shipping through the strait, oil prices remain near $100 per barrel due to ongoing geopolitical risks.

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