Saudi Aramco chief warns of 'scarily thin’ global oil stockpiles, amid war on Iran

Saudi Aramco chief warns of 'scarily thin’ global oil stockpiles, amid war on Iran

The chief executive of Saudi Aramco warned that the world's oil stockpiles are now "scarily thin".

In his first public speech since the US-Israel war on Iran began, Amin Nasser said the conflict reduced oil supply from the region by "nearly 3bn barrels", with over 1bn barrels of oil released from reserves to cushion the depletion. 

Nasser estimated that "less than 6bn barrels of commercial inventories remain today, with the vast majority not practically available".

"The system is already straining," he told the Energy Intelligence Forum conference in London. "And with precious little else the world can turn to, the supply resilience cushion is scarily thin."