RIYADH, Oct. 13 (Xinhua) -- Saudi Aramco President and CEO Amin H. Nasser said Monday that global crude oil inventories were approaching dangerously low levels and could take up to two years to replenish.
With disruptions in the Strait of Hormuz pressuring global energy supply chains, crude oil supplies have tightened further, Nasser said at the 25th World Petroleum Council Energy Congress in Riyadh.
He noted that commercial onshore inventories were now well below six billion barrels, describing them as the "last available buffer," with the vast majority of these barrels locked up.
Nasser said that pressure across the energy chain would intensify until the Strait of Hormuz fully reopened and market confidence returned, adding that refilling inventories while meeting demand could take up to two years.
Nasser also said Saudi Aramco aimed to increase sales-gas production capacity by roughly 80 percent by 2030 compared with 2021 levels to meet growing energy demand. ■
