Aramco CEO warns ‘squeeze on crude oil is serious’

 Saudi Aramco CEO Amin Nasser has said that until the Strait of Hormuz is fully reopened, pressure across the energy chain will only intensify.

“Globally, the squeeze on crude oil is serious,” he said during the WPC Energy Congress in Riyadh, adding that the spike in refined fuel prices is making the challenge even worse.

Nasser said that commercial offshore inventories, the last available buffer, are currently “well below” six billion barrels, adding that the vast majority of these are locked up.

It could take up to two years to refill inventories while meeting demand, he said.