Aramco CEO: Global Oil Inventories Near ‘Dangerously Low’ Levels

Nasser's framing matters less as a forecast than as a signal about how the world's largest producer wants the buffer question framed: spare capacity, not price, is the scarce asset. The claim that most of the remaining stock is effectively unusable cuts against the usual assumption that inventories are a reliable shock absorber, which is the part refiners and physical traders will scrutinise. Whether that inventory picture tightens further depends heavily on how the Strait of Hormuz situation develops — that, rather than any headline number, is the variable worth watching.