Saudi Aramco warns of tight crude oil supply as buffer inventories continue to deplete

(1) The CEO of Saudi Aramco stated that the global crude oil supply is experiencing severe tightness, and the surge in refined fuel prices makes the challenge even more daunting. (2) He pointed out that global commercial onshore crude oil inventories have already fallen well below 6 billion barrels, which is currently the last available buffer line. (3) He mentioned that the vast majority of these crude oil inventories are currently inaccessible. (4) He also said that unless the Strait of Hormuz is fully reopened and confidence is restored, pressures along the energy chain will only intensify. (5) Overall, Saudi Aramco's assessment of the current crude oil supply landscape is tight, with limited inventory buffer space; going forward, attention should be paid to the navigational status of the Strait of Hormuz and the trend in refined fuel prices.