Aramco CEO calls for global cooperation to boost energy sector resilience

Amin Nasser, President and CEO of Saudi Aramco, today emphasized the need for increased coordination and alignment between the international community, oil suppliers, and customers to address geopolitical shocks and enhance the resilience of the energy sector.

Speaking at the Energy Intelligence Forum in London, United Kingdom, Nasser highlighted the ongoing importance of oil and gas for energy security and economic and geopolitical stability.

Addressing the impact of regional disruptions on global energy markets, Nasser said: "Until the Strait of Hormuz is fully reopened and confidence is restored, pressure on both supply and demand will intensify. It could take up to two years to replenish inventories and meet demand once that happens."

On the vital role of oil and gas in the global economy, Nasser stated: "Oil and gas are not just tradable commodities—they are the lifeblood of modern civilization. Amid the current geopolitical crisis and resulting shortages of key materials such as aluminum, sulfur, helium, and petrochemical products, sectors like solar, wind, and electric vehicles are also affected. It is important to remember that the Middle East is crucial to the world, holding half of the world's proven oil reserves and most of the spare production capacity, which plays a pivotal role in market balance. The region's strategic importance is expected to grow as other resources age, new sources become harder to find, and their economic competitiveness declines."

Regarding Aramco's high level of resilience in facing challenges, Nasser said: "For Aramco, resilience is multi-dimensional and layered, like assembling a complex jigsaw puzzle—not just a single asset or capability. Our global strategic storage capacities have proven extremely valuable. Overall, our spare capacity, diverse crude grades, domestic gas storage facilities, our tanker fleet through Bahri, and one of the sector's strongest financial positions all add further advantages."

He also noted that Aramco's local supply chain provided over 90% of the materials used in asset restoration efforts. The company is exploring additional crude export routes and further overseas storage options to help mitigate short-term disruptions.

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