LONDON, June 2024 – The Energy Intelligence Forum 2026 opened in London on Tuesday, marking the start of discussions on global energy issues.

Aramco's CEO warned that less than 10% of global oil reserves are currently accessible, describing the situation as critically low. He predicted a recovery period of several years as demand for oil accelerates, emphasizing the importance of replenishing reserves.

The CEO also said that the oil market would remain tense until the Strait of Hormuz reopens.

Separately, Conoco's CEO forecast U.S. oil production in 2027 to exceed 14 million barrels per day, provided that price stability is maintained.