Aramco CEO: Brent would hit $200 without pipeline
The CEO of Saudi Aramco, Amin Nasser, confirmed that shortages of crude oil and refined fuel supplies could worsen, and that re-stocking the global inventories depleted during the crisis may take up to two years. He explained that approximately 3 billion barrels of total oil supplies have been lost since the start of the war, equivalent to half the amount of oil passing through the Strait of Hormuz, with more than a billion barrels drawn from reserves. He pointed out that current commercial inventories are less than 6 billion barrels, representing less than 10% of the total stock, and that the capacity to meet long-term demand is deteriorating. He assured that Aramco has the ability to increase its production to 12 million barrels per day within days, and that oil demand will remain stable over the next two years provided conditions improve, noting strong Chinese demand for industrial liquids to compensate for the decline in demand caused by the shift to electricity.
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