Aramco CEO Amin Nasser says Hormuz disruption has left global oil supply cushion ‘scarily thin’
Aramco was studying additional routes for crude exports and exploring more overseas storage to help cover short-term disruptions, Nasser said in his speech
06 October, 2026
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Saudi Aramco is studying additional crude oil export routes and exploring more overseas storage as prolonged disruption to the Strait of Hormuz strains global energy supplies, chief executive Amin Nasser said on Monday.
Speaking at the Energy Intelligence Forum in London, Nasser described the disruption as the most serious energy supply shock of his career and said the global supply resilience cushion had become increasingly thin.
The world entered the crisis with almost 10 billion barrels of global oil stocks, while nearly 3 billion barrels of gross oil supply had since been lost, equivalent to roughly half the crude and refined products that would normally have moved through Hormuz over the same period, Nasser said.
More than 1 billion barrels had been drawn from those stocks to mitigate the disruption, with most of that coming from onshore commercial inventories, he said.
Nasser said estimates suggested less than 6 billion barrels of commercial inventories remained, with the vast majority not practically available.
“The supply resilience cushion is scarily thin,” he said.
Emergency reserves could provide temporary support through the winter but could not resolve long-term supply constraints, Nasser said. Replenishing inventories while meeting demand could take up to two years once Hormuz fully reopened and confidence returned, he added.
Aramco was studying additional routes for crude exports and exploring more overseas storage to help cover short-term disruptions, Nasser said.
He said Aramco’s resilience also rested on strategic storage, spare production capacity, multiple crude grades, domestic gas storage, its tanker fleet through Bahri and its balance sheet.
The company’s local supply chain had provided more than 90 per cent of the materials used in asset restoration, he said.
Nasser said half of the world’s proven oil reserves were located in the Middle East, along with most global spare production capacity.
“Markets can diversify suppliers. They cannot diversify geology,” he said.
The region’s strategic importance was set to grow as other resource bases matured and new resources became potentially harder to find and less economically competitive, he added.
Nasser said the disruption had extended beyond crude markets, hitting ocean freight, tightening supply chains and contributing to shortages of commodities including aluminium, sulphur, helium and petrochemicals.
He cited an International Monetary Fund severe scenario in which global economic growth could fall to 2 per cent next year while inflation rises above 6 per cent.
“The longer the disruption continues, the risk of this happening only grows,” he said.
Nasser called for greater international cooperation to safeguard the free flow of energy and goods, including coordination on emergency response, supply planning, refinery and petrochemicals flexibility, joint stockpiling, supply chains and cybersecurity.
He also warned that publicly available information, including satellite imagery and shipping logs, was increasingly being weaponised against infrastructure and tankers.
Nasser said the industry should end what he called an era of cyclical under-investment and said resilience should be integral to judging a company’s performance alongside earnings, shareholder returns and environmental, social and governance measures.
He said the crisis had exposed what he called a false choice between energy security, affordability and sustainability, adding that Middle East oil and gas would remain central to the global energy system for decades.
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