London:President and CEO of Aramco, Amin H. Nasser, emphasized the necessity of greater global coordination among the international community, oil suppliers, and customers to enhance resilience in the energy sector. His remarks were made during the Energy Intelligence Forum 2026 in London, highlighting the ongoing significance of oil and gas in maintaining energy security and economic stability.
According to Saudi Press Agency, Nasser discussed the repercussions of regional disruptions on global energy markets, noting that until the Strait of Hormuz fully reopens and confidence is restored, pressures on supply and demand will escalate. He warned that replenishing inventories while meeting demand might take up to two years even after stability is achieved.
Nasser described oil and gas as more than mere commodities, referring to them as essential to modern civilization. He also mentioned that the current geopolitical crisis and shortages of critical materials like aluminum, sulfur, helium, and petrochemicals affect even solar, wind, and electric vehicle sectors.
The Middle East's strategic importance was highlighted by Nasser, who pointed out that it holds half of the world's proven oil reserves and most of the spare production capacity crucial for market balance. He predicts that the region's significance will increase as other resources become scarcer and less economically viable.
Aramco's resilience, according to Nasser, is akin to a "vast, complex jigsaw puzzle," involving more than just individual assets or capabilities. He cited the company's global strategic storage, diverse crude oil grades, domestic gas storage, tanker fleet via Bahri, and robust balance sheet as key components of its resilience. Additionally, Aramco's local supply chain has been instrumental, providing over 90% of the materials for asset restoration.
Nasser revealed that Aramco is exploring additional crude export routes and overseas storage options to mitigate short-term disruptions. The Energy Intelligence Forum serves as a platform for senior leaders, executives, and innovators to address the energy sector's challenges and develop sustainable solutions.