Aramco President and CEO Amin H. Nasser called for closer coordination among energy suppliers, customers and the international community in remarks at the Energy Intelligence Forum in London on October 5. He said market pressure could intensify until the Strait of Hormuz fully reopens and confidence returns, and that replenishing inventories while meeting demand could take up to two years.

Nasser described Aramco’s resilience as a combination of strategic storage, spare production capacity, multiple crude grades, domestic gas storage, the Bahri tanker fleet and local suppliers. He said the local supply chain provided more than 90% of materials used in asset-restoration work. He also said Aramco was studying additional crude-export routes and exploring more overseas storage options.