Aramco can make its maximum sustainable production capacity of 12mn barrels per day available within days, Chief Executive Amin Nasser told the Energy Intelligence conference in London on Monday, reports Reuters. “Our system is intact,” Nasser said, adding that the firm has the strategic reserves and flexibility to isolate or shift output as needed.
In his first conference address since the start of the Iran war, he said it could take up to two years to refill global stockpiles drawn on as an emergency measure. “Until Hormuz fully re-opens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify. Even then, replenishing inventories while meeting demand could take up to two years,” he said.
