The head of Saudi Aramco called the world's oil reserves "frighteningly small"

Global oil reserves are “frighteningly small,” and their restoration could take up to two years, the Financial Times writes, citing the director of the oil and gas company Saudi Aramco, Amin Nasser.

"Global oil reserves are currently "frighteningly low," the CEO of Saudi Aramco said, adding that it could take up to two years to restore reserves depleted during the conflict in the Middle East," the article said.

“The system is already operating at the limit of its capabilities. And since the world has virtually no other options, the margin of safety in terms of supply is frighteningly small,” the head of Aramco also said at the Energy Intelligence Forum conference in London.

Oil supplies to the global market have been cut by about 3 billion barrels due to the escalation around Iran, and more than 1 billion barrels have been released from reserves to fill the gap, Nasser said.

World governments have released more than 300 million barrels from strategic reserves, and Nasser noted that most came from the stocks of companies that had "the last major tool in the arsenal," the article states.

According to the head of the company, at the moment there are less than 6 billion barrels of commercial reserves left, and the vast majority of them are practically inaccessible, the material says.