Speaking at the WPC Energy Congress in Riyadh, Nasser said the pressure on crude oil supplies was already severe, while rising refined fuel prices were adding to the strain across the energy market.
“Globally, the squeeze on crude oil is serious,” he said, warning that the disruption could have lasting consequences for energy supplies.
Nasser said commercial offshore inventories, which serve as the last available buffer against supply disruptions, had fallen to “well below” six billion barrels, with the vast majority of those reserves locked up.
He added that replenishing inventories while continuing to meet global demand could take up to two years, underscoring the scale of the challenge facing energy markets if supply disruptions persist.
Meanwhile, OPEC has lowered its oil demand growth forecast for this year to 400,000 barrels per day from 1.4 million at the start of the year, Haitham al-Ghais, Secretary General of the organization says.
However, OPEC expects the deferred demand to materialize in 2027, when it anticipates pent-up demand.