Saudi Aramco boss says global oil stockpiles 'scarily thin'

Aramco chief executive Amin Nasser said on Monday that global oil stockpiles are “scarily thin”, pointing to the US-Iran war as the cause. Speaking at the Energy Intelligence Forum in London, he said the system was already under strain and that the buffer against shocks was shrinking. According to Business Recorder, his comments came just days after G7 nations decided to draw more from their reserves to reduce supply anxiety.

In his view, there are few alternatives available to fall back on, which leaves the supply safety margin very slim. The remarks underline how tight conditions remain for global oil supply after the G7 move, which was intended to give markets more breathing room. Nasser's warning highlights the limited room left in the system to absorb further disruption.