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At the October 5 Energy Intelligence Forum in London, Aramco President and CEO Amin H. Nasser called the near-closure of the Strait of Hormuz the most serious energy supply shock of his career. He said disruption had reached freight, supply chains and essential goods, while refined-fuel prices had risen faster than crude.
Nasser said global oil stocks stood near 10 billion barrels at the crisis outset and nearly 3 billion barrels of gross supply had since been lost. More than 1 billion barrels from inventories mitigated the loss; commercial stocks were estimated below 6 billion barrels, much of them unavailable in practice.
Aramco cited strategic storage, spare capacity, multiple crude grades, domestic gas storage, shipping and local supply chains as resilience measures. Nasser said it was studying more crude-export routes and overseas storage. He called for cooperation on emergency response, refinery flexibility, stockpiling and cybersecurity, and sustained investment in energy infrastructure.