World months to replace lost oil stock
The CEO of Saudi Aramco, Amin Nasser, warned that closing the Strait of Hormuz could result in a loss of over 100 million barrels of oil weekly, with an estimated 18 months needed to replenish the depleted stockpile. He explained that oil flows through the strait account for no more than 10% of pre-Iran war levels. The crisis has disrupted the delivery of more than 2.6 billion barrels to vital sectors, and Asian imports of crude have decreased by about 6 million barrels per day at the height of the crisis. The company projected that it would take 18 months to restore the depleted stock at a rate of 2.1 million barrels per day, even if the strait were reopened today.
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