Aramco Estimates Oil Inventory Recovery in Two Years
Saudi Aramco has stated that shortages of crude oil and refined fuel supplies may worsen, and that it could take up to two years to replenish the global inventories that have been drawn down. The Chief Executive Officer explained that global commercial inventories have fallen to less than 6 billion barrels. With supply chains disrupted and shipping affected, the market will continue to face pressures until the Strait of Hormuz is fully reopened and confidence returns to the markets. Additionally, the company is exploring alternative export routes and providing extra external storage facilities to counteract short-term disruptions.
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