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00:02Saudi Aramco CEO Amin Nasser said global oil inventories have been sharply depleted
00:07by the Middle East conflict and could take as long as two years to rebuild, according
00:11to The Wall Street Journal.
00:12Nasser said the world entered the crisis with almost 10 billion barrels of oil stocks, while
00:17gross oil supply losses have reached nearly 3 billion barrels.
00:20More than 1 billion barrels have been drawn from stocks to offset the shortfall.
00:24He estimated less than 6 billion barrels of commercial inventories remain, with most not
00:28practically available.
00:29The G7 recently agreed to release 100 million barrels through the International Energy Agency.
00:35Nasser said emergency reserves could provide temporary relief but would not resolve longer
00:39term supply constraints.
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