The chairman and CEO of Saudi Aramco, the world’s largest oil producer, stated that global oil reserves were catastrophically low.

According to Amin Nasser, pressure on the market and fuel prices will continue to rise until the Strait of Hormuz is fully reopened. The release of 100 million barrels from reserves approved by the G7 would provide only some short-term relief.

Even after deliveries resume, countries could need up to two years to fully replenish their depleted reserves.


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