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Industry executives at a forum in London have warned that global oil stockpiles are nearly depleted, with less than six billion barrels remaining and most not readily accessible. This depletion has put significant strain on the market, leading to higher oil prices. Amin Nasser, CEO of Saudi Aramco, emphasized that only about 10% of these reserves are available for immediate use, highlighting the fragility of the current supply situation due to ongoing conflicts in the Middle East and Ukraine.
Written locally by qwen2.5:14b on 2026-10-07,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Amin Nasser, CEO of Saudi Aramco (the world's largest oil company), warned at the Energy Intelligence Forum in London on Monday that global oil stockpiles are severely depleted. He stated that with only around 6 billion barrels of commercial inventories left, primarily not readily accessible, the system is already under strain. Seven months into ongoing conflicts, including those involving Iran and Ukraine, the world has released over 1 billion barrels from oil stockpiles to address supply disruptions. Nasser cautioned that rebuilding these reserves could take up to two years, highlighting the global economy's vulnerability due to a lack of alternatives for offsetting further supply issues.
Written for “Global Oil Stock Crisis” on 2026-10-07,
grounded in this article and the 1 other(s) covering the same event.
Why this leaning score
This article does not take a side on a contested political
question, so it has no leaning score. That is an
answer rather than a gap: a match report or a rescue can be warmly
or critically written without being left or right, and scoring it
anyway is how approval of a subject gets recorded as a political
position.
No political leaning scored for article 63384 · logged 2026-10-07
The world has nearly burned through its oil stockpile buffer, executives say: ‘System is already straining’
asserted
System → burn → buffer
The amount of oil in storage that is accessible to the global market is running low, industry executives said at a forum in London this week, making the market more fragile and putting upward pressure on prices.
asserted
market → run → prices
Governments and energy companies have drawn oil from stockpiles to alleviate pressure in a global oil market facing unprecedented supply disruptions this year due to the wars in the Middle East and Ukraine.
asserted
Governments → draw → East
“Less than six billion barrels of commercial inventories remain today, with the vast majority not practically available, so the system is already straining,” Amin Nasser, CEO of Saudi Arabia’s state oil company Saudi Aramco, said at the Energy Intelligence Forum in London.
asserted
Nasser → remain → London
More than one billion barrels of oil have been released mainly from onshore commercial inventories since the start of this year’s Middle East crisis, which was the last major tool in the box, Nasser said.
asserted
Nasser → release → box
The International Energy Agency, the West’s oil watchdog and coordinator of its strategic oil reserves, is preparing to release 100 million barrels of crude and diesel to help alleviate soaring diesel prices, but it is not clear if some of that total will include volumes from its record first 400 million barrel release in March that hadn’t hit the market yet.
asserted
that → prepare → market
“It took a lot of negotiations, but it is 100 million,” Nasser said of the IEA decision.
asserted
Nasser → take → decision
“Inventories are reaching a stress level.
asserted
Inventories → reach → level
Only 10% or less is available, that’s why they struggle with 100 million barrels.”
asserted
they → ’ → barrels
World oil demand is about 102 million barrels per day, according to the IEA.
uncertain
demand → accord → IEA
Supply resilience cushion is scarily thin
The loss of the oil market’s buffers has made the market more fragile, Chevron CEO Mike Wirth said on Tuesday, adding that this has increased oil’s price floor.
Oil market turmoil will continue beyond next year, executives said at the conference on Monday, as it could take years to refill inventories on top of meeting global demand.
Not all oil in storage is immediately usable because of operational factors like tank bottoms or oil sat in pipelines, as well as political factors like government rules dictating minimum levels of emergency stocks.
uncertain
oil → make → stocks
There is huge demand to build additional inventories around the globe, Nasser added.
asserted
Nasser → be → globe
Kuwait Petroleum Corporation CEO Shaikh Nawaf Al-Sabah said his company is aiming to build out storage domestically and at its overseas refineries.
asserted
company → say → refineries
The world is reliant on the seaborne oil exports escaping the Middle East “to keep things in balance as we go through winter, because there aren’t any more inventories to drain in the West,” the CEO of commodities trader Vitol Russell Hardy said.
asserted
CEO → escape → Hardy
Stocks of crude oil in the US Strategic Petroleum Reserve are at their lowest since October 1982, according to data from the Department of Energy.
uncertain
Stocks → accord → Energy
Natural gas inventories are also depleted, making prices vulnerable to spikes.
asserted
prices → deplete → spikes
A bad winter could bring about a “bloodbath” in the gas market in the first quarter of 2027 if storage hits minimal levels, Petronas CEO Tengku Muhammad Taufik said.
uncertain
Taufik → bring → levels
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