Oil
Aramco CEO warns global oil squeeze threatens energy security
Saudi Aramco President and CEO Amin H. Nasser has highlighted severe market pressures driven by the ongoing disruption in the Strait of Hormuz.
Key points
- Commercial onshore oil inventories have fallen well below six billion barrels.
- The ongoing crisis in the Strait of Hormuz has extended into its eighth month.
- Aramco is studying new crude export routes and expanding international storage.
What happened
Speaking at the 25th World Petroleum Congress Energy Conference in Riyadh, Saudi Arabia, Saudi Aramco President and CEO Amin H. Nasser described the current energy supply shock as the most serious of his career, according to Rigzone reporting. Nasser noted that diesel prices have reached approximately $200 per barrel and that commercial onshore inventories have dropped well below six billion barrels, serving as the final available buffer.
The disruption in the Strait of Hormuz, which has stretched into its eighth month, has resulted in the loss of nearly three billion barrels of gross oil supply. While more than one billion barrels from global stocks have mitigated the shortfall, remaining commercial inventories are largely locked up and unavailable.
Why it matters
Markets across the globe are feeling the strain as energy infrastructure in the Middle East faces targeted disruptions. According to the US Energy Information Administration (EIA), Brent spot prices stood at $126.55 per barrel and WTI at $101.91 per barrel on October 14, 2026. Nasser cautioned that refilling global inventories while maintaining ongoing demand could take up to two years.
The supply shock has impacted broader industrial chains, affecting ocean freight, inflation, and the availability of key raw materials including aluminum, sulfur, and helium. Nasser emphasised that oil and gas remain central to the global economy, noting that renewable technologies also rely on complex, strained supply chains.
What comes next
In alignment with the Saudi Arabian Ministry of Energy, Aramco is exploring additional crude export routes and increasing overseas storage capacities. Nasser stressed that international cooperation is vital for safeguarding critical trade corridors, noting that individual nations cannot secure essential supply routes alone.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
9.5% of world merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
