Saudi Aramco boss says global oil stockpiles 'scarily thin'

Global oil stockpiles are "scarily thin" owing to the U.S.-Iran war, Saudi Aramco's chief executive Amin Nasser said Monday, days after G7 nations agreed to release more of their inventories to ease supply concerns.

"The system is already straining," Nasser, who leads a key oil producer that is majority-owned by the Saudi state, told the Energy Intelligence Forum in London.

"And with precious little else the world can turn to, the supply resilience cushion is scarily thin," he told the two-day conference attended by leaders from across the energy sector.

G7 countries, in coordination with the International Energy Agency (IEA), agreed Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by the US-Iran war.

Ahead of the move by the Group of Seven, which includes the United States, President Donald Trump had pressured the European Union to tap its strategic diesel reserves or face an American ban on diesel exports.

Middle East oil exports, excluding Iran, surpassed their pre-war levels last week despite attacks on ships in the Strait of Hormuz, according to data from the maritime tracking firm Kpler.

But Nasser warned Monday against looking at headline figures for reserves, noting that "less than 10 percent" were available.

A large portion of the reserves reported by countries represent the minimum volume required to keep infrastructure operational, he said.

"That's why you find they're struggling with 100 million barrels," he said, referring to the amount announced Friday by the IEA, which comprises 32 nations including the G7.

"Emergency reserves might buy us a winter. They cannot fix long-term supply," Nasser said.