Global oil supply pressure mounts, warns of low stocks
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Saudi Aramco Chief Executive Amin Nasser said global oil stocks were “frighteningly low” days after the G7 countries agreed to bring more oil from their reserves to the market.
The risk of supply shortages still remains, he said. Nasser, the head of a major oil producer with a majority ownership of the Saudi government, said at the Energy Intelligence Forum in London on Monday that pressure is already mounting on the global oil supply system.
During the two TAG_OPEN_div_28-day conference attended by energy sector leaders, he said that the resilience of the supply chain and the security circle were very weak as the world had very limited other options for oil supply.
The G7 countries, in coordination with the International Energy Agency (IEA), agreed on Friday to temporarily import 100 million barrels of diesel and crude oil to the market to ease concerns about global energy supplies caused by the US-Iran conflict.TAG_OPEN_div_26
Ahead of the G7 decision, President Donald Trump pressured the European Union to use its strategic diesel stockpile or face a U.S. diesel export ban.TAG_OPEN_div_24
According to Kepler, despite the attack on ships in the Strait of Hormuz, oil exports from countries in the Middle East, except Iran, rose above pre-war levels last week. Nasser cautioned against relying solely on stockpile data, saying the actual oil reserves were less than 10 percent.
According to him, a large part of the stocks reported by various countries are the minimum amount required for the operation of infrastructure.TAG_OPEN_div_20
“So they are struggling to manage 100 million barrels,” Nasser said, referring to the 100 million barrels announced on Friday by the IEA, which includes 32 G7 countries.TAG_OPEN_div_18 ”
He said that while the emergency reserves could help us get through the coming winter, it would not solve the long-term oil supply problem.TAG_OPEN_div_16
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