In Reply to: Speaking of oil prices a reminder posted by russsmith on October 05, 2026 at 10:00:37
So Trump's disastrous war of choice has brought us inflation, scarcity, and 6$ gas for another couple of years.
The world’s oil stockpiles are now “scarily thin”, the chief executive of Saudi Aramco said, adding that it would take up to two years to rebuild inventories depleted during the Middle East conflict.Amin Nasser said the seven-month war between the US, Israel and Iran had reduced oil supply from the region by “nearly 3bn barrels”, equivalent to roughly half the crude oil and refined fuels that would have passed through the Strait of Hormuz over that period.
More than 1bn barrels of oil have been drawn from reserves to try to cushion the shortfall, Nasser added.
. . . .
In his first public speech since the war began, the boss of the state-run Saudi Arabian company said he estimated that “less than 6bn barrels of commercial inventories remain today, with the vast majority not practically available”.
“The system is already straining,” he told the Energy Intelligence Forum conference in London. “And with precious little else the world can turn to, the supply resilience cushion is scarily thin.”
Thanks, morons.