Global oil reserves have fallen to a "frighteningly low" level, according to Amin Nasser, CEO of Saudi Aramco. He stated that this situation creates a risk of worsening conditions in the oil market if the Strait of Hormuz does not reopen for unimpeded vessel traffic.

Nasser noted that while the oil deficit is a serious problem, prices for oil products have risen even more sharply. He added that even after shipping resumes through the Strait of Hormuz, it could take up to two years for countries to replenish their reserves.