Saudi Aramco chief executive Amin Nasser said at the Energy Intelligence Forum in London on Monday 5 October that world oil stockpiles are "scarily thin" (Irish Times, Khaleej Times, ThePrint, investingLive). He put global inventories at under six billion barrels, down from about ten billion when the Iran war began, with only about a tenth practically available, and estimated the war cut regional supply by nearly three billion barrels. He said emergency reserves "might buy us a winter" and that rebuilding stocks could take up to two years after Hormuz fully reopens.
Thin stocks leave less cushion when supply is disrupted, so oil prices react sharply to Gulf news.
Kenya imports refined fuel, so a tight world market feeds into the monthly EPRA pump price review and then into transport and food costs.
Producers argue the market needs Hormuz fully reopened and stocks rebuilt before prices can settle.
Consumer governments point to emergency releases as a short-term cushion, and some analysts note that oil dipped on Monday as shipping improved.
These are the Aramco chief's own numbers, not independent data. Treat them as a signal of risk, and watch the 14 October review.
Irish Times, Khaleej Times, ThePrint, investingLive (5 Oct 2026)
Aramco chief: world oil stockpiles are "scarily thin", and refilling them could take two years
Amin Nasser told an energy forum in London that global stocks have fallen to under six billion barrels from about ten billion when the Iran war began.
Amin Nasser, chief executive of Saudi Aramco, said on Monday 5 October that the world's oil inventories are "scarily thin", according to the Irish Times, Khaleej Times, ThePrint and investingLive. Speaking at the Energy Intelligence Forum in London, he put global stocks at under six billion barrels, against about ten billion when the war with Iran began, and said only about a tenth of what is left is practically available. He estimated that the war has cut regional supply by nearly three billion barrels.
Nasser warned that emergency reserves "might buy us a winter" and that consuming countries could need up to two years to rebuild stocks even after the Strait of Hormuz fully reopens. The figures are his own estimates and were not independently checked by DailyDrop. For Kenya, which imports its refined fuel, thin stocks mean prices stay exposed to news from the Gulf; the Energy and Petroleum Regulatory Authority's next pump price review is due on the 14th. Reports said oil prices dipped slightly on Monday despite the warning, and WTI closed at US$89.43, down 1.84%.