Aramco chief warns of serious global crude oil market squeeze
Saudi Aramco chief executive Amin Nasser warned at an industry conference in Riyadh that global crude oil supplies and commercial inventory cushions face severe pressure.
FTMQ Climate, written by our newsroom0 views
The global squeeze on crude oil supplies is serious, Saudi Aramco President and Chief Executive Officer Amin H. Nasser stated this week. Rigzone News and Roya News both reported that Nasser delivered the warning during a speech at the 25th World Petroleum Congress Energy Conference held in Riyadh, Saudi Arabia. [1][3]
Nasser highlighted that elevated refined fuel prices are worsening current market challenges. Rigzone News reported that diesel prices reached approximately $200 per barrel, according to a transcript of the speech published on the Aramco website. [1]
Commercial onshore inventories have declined to well below six billion barrels, according to statements from Nasser reported by Rigzone News. Nasser stated that these inventories serve as the last available buffer for the market, but warned that the vast majority of these barrels remain locked up. [1]
Nasser warned that the remaining global inventory cushion is barely a cushion at all. Rigzone News reported that the low level of available commercial reserves creates significant risks for global energy market stability. [1]
In short
- Saudi Aramco CEO Amin H. Nasser warned of a serious global crude oil squeeze at the World Petroleum Congress in Riyadh.
- Diesel prices reached approximately $200 per barrel according to Aramco's transcript of the speech.
- Commercial onshore oil inventories have dropped well below six billion barrels globally.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Aramco CEO Warns Oil Squeeze is SeriousRigzone News, 12h ago (the report this story comes from)
- [2]Aramco CEO Warns Oil Squeeze is SeriousRigzone, 11h ago
- [3]Aramco CEO warns ‘squeeze on crude oil is serious’Roya News, 1d ago
Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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