At a London forum, Saudi Aramco CEO Amin Nasser said global oil spare capacity is below 10%. He also said reserves are at their lowest level in 40 years.
Nasser attributed the market’s fragility to unprecedented supply disruptions this year stemming from conflicts in the Middle East and Ukraine. The disruptions have led governments and energy companies to draw heavily from stockpiles.
He said inventories are reaching a stress level. Global oil demand is approximately 102 million barrels per day.
Nasser reiterated the warning on October 9, highlighting the risk of price volatility if further supply shocks occur.