Aramco CEO Amin Nasser Warns of Serious Global Crude Oil Squeeze

Saudi Aramco Chief Executive Amin Nasser issued an urgent warning on global crude availability, stating that commercial onshore inventories have dropped well below six billion barrels and represent the market's final operational buffer. Nasser stressed that the ongoing squeeze on crude is serious and made significantly worse by an accelerating spike in refined fuel prices, according to reports carried by FirstSquawk. He added that the vast majority of export barrels remain locked up, warning that until the Strait of Hormuz fully reopens and market confidence returns, operational pressure across the entire global energy chain will only intensify. Nasser noted that completely refilling drained global inventories while satisfying active baseline demand could take up to two years. To counter the bottleneck, Aramco is studying alternative crude export routes and pursuing expanded overseas storage capacity, alongside an established operational target to lift sales-gas production capacity roughly 80% by 2030 over 2021 levels. Nasser emphasized that securing vital energy corridors and critical infrastructure will require coordinated international intervention. The warning lands as energy derivatives reflect immediate physical strain. On our tape, front-month WTI crude futures trade at $92.74, up 0.97% on the session, while Brent futures sit at $105.69, having gained 0.93%. Broader macro gauges show VIX rising 4.11% to 15.45, reflecting heightened headline sensitivity across asset classes as fuel cost inflation reappears on trading desks. Across equity index options, the energy supply overhang arrives with major benchmarks fractured along their zero-gamma boundaries. QQQ trades at 750.71, pinned below its gamma flip at 751.39 and straddling its 750 put wall in short gamma territory. In that pocket, dealer hedging acts as an accelerant rather than a shock absorber, requiring desk inventory to sell underlying weakness and purchase strength into intraday extensions. SPY holds at 779.10 above its 769.73 flip, capped tightly beneath its 780 call wall with an expected move of plus or minus 0.92%. With physical oil reserves thin and tech index positioning on the wrong side of the flip, market structure offers little baseline absorption if crude headline pressure re-accelerates.