Saudi Aramco CEO Amin Nasser warned that reserve releases provide only temporary relief and that rebuilding stockpiles could take up to two years even after the Strait of Hormuz fully reopens. Aramco warned of “scarily thin” global inventories and potential oil prices toward $110 a barrel if tensions escalate, with attacks and shipping disruptions continuing to pose supply risks.
The G7 agreement calls for up to 100 million barrels of crude and diesel to be released through the International Energy Agency over four months, with diesel prioritized in the first 20 days. It implements commitments made in March. Oil analyst Rory Johnston estimated that a 50 million barrel diesel release over about 120 days would add roughly 415,000 BPD, temporarily covering about one-third of this year's net decline in seaborne diesel supplies.