Saudi Aramco CEO Amin Nasser said Monday it could take up to two years to rebuild global oil inventories as the U.S.-Iran war continues to disrupt energy supplies worldwide. Nearly 3 billion barrels of oil supply have been lost since the U.S. and Israel launched strikes on Iran in late February, while 1 billion barrels have been released from stocks, but the remaining roughly 6 billion barrels in storage are not practically available according to the CEO of the world’s largest oil company. The Strait of Hormuz, which typically handles around 20% of the world’s oil and LNG supplies, remains severely disrupted. In response, G7 nations agreed Friday to release 100 million barrels of diesel and crude from emergency reserves.
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