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Saudi Aramco Chief Alerts on Oil Stock Levels
Saudi Aramco has warned that global oil inventories have reached critical levels, approaching the lowest point in years. This decline is due to a loss of about 3 billion barrels of supplies resulting from the seven-month conflict in the Middle East. The CEO of Aramco stated that restoring these reserves could take up to two years, with global commercial stocks dropping below 6 billion barrels, most of which are not immediately available for use. He also pointed out that markets are under increasing pressure, with rising shipping costs and escalating attacks on ships and oil tankers, threatening the stability of global energy supplies.
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