Saudi Arabian National Petroleum Corporation President and CEO Amin Nasser said at the 25th World Petroleum Council Energy Conference on the 12th that global crude oil inventories are approaching an “extremely dangerous” low, and it may take two years to return to normal levels. Affected by the situation in the Strait of Hormuz, the global energy supply chain continues to be under pressure, and crude oil supply is becoming more tight. Nasser said that current commercial onshore oil stocks are below 6 billion barrels, which is already the “last usable buffer,” but the vast majority of these stocks cannot actually be used by the market. Nasser believes that since global demand for crude oil consumption continues to rise, even if the Strait of Hormuz is completely reopened in a short period of time and market confidence is fully restored, it will take at least two years of “overtime production” for at least two years to completely replenish exhausted stocks.

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