Concerns over shrinking fuel stocks
Aramco has warned of a potential global fuel crisis, saying petrol and aviation fuel stocks could fall to “critical levels” this summer if the Strait of Hormuz remains closed.
According to a report by the Financial Times, Aramco chief executive Amin Nasser said global fuel inventories are declining at an accelerating pace, particularly in refined products such as petrol and jet fuel.
Massive impact on global oil supply
Nasser said that since the outbreak of conflict involving Iran and the closure of the Strait of Hormuz, the market has effectively lost volumes equivalent to around one billion barrels of oil.
He warned that every additional week of closure removes a further 100 million barrels from global supply.
He described existing strategic reserves as the “only remaining safety net” for the global energy market, while noting that these reserves are also being rapidly depleted.
Hormuz disruption fuels market instability
The warning comes amid continued disruption in the Strait of Hormuz, a critical global energy route, where tensions linked to the Iran conflict have restricted maritime traffic.
The situation has already contributed to volatility in global oil markets.
Aramco posts strong profits despite crisis
Despite the warning, Aramco reported stronger first-quarter profits, supported by higher oil prices and its ability to reroute some exports through the Yanbu port on the Red Sea, partially bypassing the Persian Gulf disruption.
Also read: Iran rejects changes to ceasefire proposal
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