Saudi Aramco chief says replenishing global oil stockpiles could take two years

An employee looks out over oil transport pipelines on the Arabian Sea in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia.Simon Dawson | Bloomberg | Getty ImagesThe chief executive of Saudi Aramco said Monday it could take up to two years to rebuild global oil inventories, warning that the squeeze on supplies could yet get worse as the U.S.-Iran war drags on.Speaking at the Energy Intelligence conference in London, Saudi Aramco CEO Amin Nasser said pressure at both ends of the barrel will intensify until the strategically vital Strait of Hormuz fully reopens and confidence returns to energy markets.The war has severely disrupted shipping through the strait, a narrow waterway that typically handles around 20% of the world's oil and liquefied natural gas supplies, sending shock waves through the global economy."Even then, replenishing inventories while meeting demand could take up to two years," Nasser said, according to Reuters. His comments come shortly after G7 governments agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves, following pressure from U.S. President Donald Trump. The G7 members are France, Can...