Global oil inventories at 5-year low, crises could accelerate drawdown: Nasser

Amin Nasser, President and CEO of Saudi Arabian Oil Co. (Saudi Aramco), stated that the prolonged closure of the Strait of Hormuz could lead to catastrophic consequences for global oil markets.

On the sidelines of the 2025 results conference call, Nasser continued, "The current crisis is by far the largest ever faced by the oil and gas sector in the region, although disruptions have occurred in the past."

The status quo has not merely impacted the shipping and insurance businesses but also poses a serious threat to the aviation, agricultural, automobile, and other industries.

Global oil inventories have fallen to their lowest levels in five years, said Nasser, noting that the crisis will accelerate the pace of inventory dilution and stressing the importance of resuming navigation through the strait.

Nasser warned that the longer the disruption persists, the more severe the consequences will be for the global economy.

As regards the attack on the Ras Tanura refinery, Nasser said the small fire that broke out as a result of the attack was quickly extinguished, and the refinery is in the process of resuming operations.