Oil Stockpile May Take 2 Years To Rebuild After Hormuz Reopens, Aramco CEO Warns

Nigeria could gain from higher crude prices but face pressure at the pump as Saudi Aramco’s chief executive warns that global oil stocks may take up to two years to rebuild after the Strait of Hormuz reopens.
Aramco’s president and CEO, Amin H. Nasser, said this at the Energy Intelligence Forum in London, Reuters reports
He said the war in the Middle East has disrupted oil flows through the Strait, which handled about 20 million barrels per day in 2024, or about 20 percent of global petroleum liquids consumption, according to the US Energy Information Administration.
“Until Hormuz fully re-opens and confidence returns, the crude reality is that pressure at both ends of the barrel wi...