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Reuters reported that Saudi Aramco Chief Executive Amin Nasser told the Energy Intelligence Forum in London on October 5, 2026 that the company can make its maximum sustainable production capacity of 12 million barrels per day available within days. Nasser said the firm’s system is intact with strategic reserves and the flexibility to isolate or shift output as needed. The comments come as the oil market faces ongoing pressures from disruptions in the Strait of Hormuz linked to conflict with Iran.
The Aramco CEO warned that the world has lost nearly 3 billion barrels of gross oil supply since the start of the Iran war. He added that more than 1 billion barrels have been released from global stocks to offset the losses. According to Nasser, this has left global inventories scarily thin with the supply resilience cushion under strain.
Nasser stated that replenishing crude and fuel stocks could take up to two years even after the Strait of Hormuz fully reopens and confidence returns. Refilling all inventories would be equivalent to an extra 2 million barrels per day of demand over the next 18 months. Global daily oil demand stands at just over 100 million bpd, a figure that underscores the scale of the challenge.
Much of the remaining roughly 6 billion barrels in storage is not practically available, Nasser explained, with up to 90 percent tied up in pipelines or required to maintain minimum operating levels in tanks. The Aramco chief noted that emergency reserves might buy a winter but cannot fix long-term supply issues. He also highlighted that Brent crude prices could have reached 200 dollars per barrel without the use of the East-West pipeline.
The pipeline, which allows Saudi Arabia to bypass the Strait of Hormuz, has been restored to about 80 percent of capacity following an attack last month, according to reports. Nasser said the company is studying additional crude export routes and more overseas storage to reduce dependence on individual shipping corridors. Aramco continues to meet all of its customers’ requirements with substantial inventories in its system.
In addition to crude oil, Nasser outlined plans for natural gas, saying that by 2040 the company will produce around 9 million barrels of oil equivalent per day. He mentioned that Aramco is working on developing fourth and fifth export routes, including the necessary engineering work. The firm continues to export through existing facilities at Yanbu, Sidi Kerir and Port Said.
