Saudi Aramco chief estimates two years to rebuild global oil reserves
Business · 5 October 2026
Written by AI from multiple news reports
Saudi Aramco's chief executive said on Monday that rebuilding global oil reserves could take up to two years, even after the Strait of Hormuz reopens. Amin Nasser spoke at an energy conference in London.
The Middle East conflict has removed nearly 3 billion barrels of oil from global supply. Countries have already released 1 billion barrels from emergency storage to cover the shortage. Nasser said that refilling those stocks would need an extra 2 million barrels per day for around 18 months.
Three months ago, Nasser gave the same 18-month estimate. The fact that his timeline has not shortened suggests the situation has got worse, not better.