Saudi Aramco CEO says oil reserves are low and predicts recovery in two years

The Insider reports, citing Reuters, that Nasser linked the shortage to the US war with Iran, which, he said, has been ongoing since February 2026. He said this conflict reduced oil supplies from the Persian Gulf region by almost 3 billion barrels and roughly halved the volumes that would normally have passed through the Strait of Hormuz.

Nasser said that replenishing depleted reserves will take up to two years, but this requires the full opening of the Strait of Hormuz. According to him, such a timeframe is realistic only if the situation is normalized immediately, and until the strait is fully reopened, pressure on the oil market will intensify.

He added that releasing crude oil from strategic reserves will only buy time, but will not eliminate the fuel shortage. Nasser also estimated global commercial oil reserves at less than 6 billion barrels and noted that most of them are effectively unavailable for rapid use.

The head of Saudi Aramco called the oil released from reserves the “last major tool” left at the disposal of oil companies. He also said that satellite imagery and vessel-tracking services are increasingly being used against infrastructure and tankers, allowing Iran to strike ships in the Strait of Hormuz, while its supported forces in Yemen and Iraq attack pipelines, refineries, and Aramco ports. Saudi Aramco, Nasser added, is studying additional routes for exporting Saudi oil and the possibility of creating overseas oil storage facilities.

Sources

• Material: theins.ru