Saudi Aramco Chief Executive Amin Nasser stated on 5 October 2026 that the world has lost nearly 3 billion barrels of gross oil supply since the Iran war began, with more than 1 billion barrels drawn down from global inventories. Nasser described current inventory levels as 'scarily thin', noting the cumulative loss is equivalent to roughly half the crude volume that normally transits the Strait of Hormuz annually. He added that rebuilding global stockpiles could require up to two years, citing continued pressure from ongoing US-Iran tensions.
Nasser's remarks came despite what he characterised as a partial recovery in Middle East crude flows, indicating that the rebound in regional supply has not offset the scale of the drawdown recorded since the conflict began. Market observers, as reported by Marketwatch TOP, raised questions about the timeline, pointing to record production levels and anticipated alternative delivery routes following any Strait of Hormuz normalisation.
Brent crude and WTI are the benchmark contracts directly pricing the physical supply Nasser referenced, as both reflect global seaborne crude balances affected by the Hormuz disruption. Saudi Aramco's own equity position ties the company's valuation directly to the inventory and pricing dynamics Nasser described.
No official government or regulatory response to Nasser's comments was reported in the cluster at time of publication. The remarks were delivered in a public forum context and represent the stated position of Aramco's chief executive on the current state of global oil supply balances.
Sources: Oilprice, Cnbc TOP, Marketwatch TOP