Archive · 6 Oct 2026
Middle East Oil Flows Recover, but Inventory Risks Persist
Oil shipments from the Middle East have started to recover after the conflict disrupted supplies.
Shell’s chief executive said flows were above 80% of their earlier levels.
Refined fuels, such as gasoline and diesel, have recovered more slowly.
Saudi Aramco’s chief executive warned that the world has used up much of its stored oil.
He said rebuilding those supplies while meeting demand could take as long as two years.
The Strait of Hormuz remains important because a lot of oil and gas normally passes through it.
Some ships have turned off tracking systems, making it harder to measure shipments.
G7 countries have agreed to release emergency oil and diesel stocks to ease market pressure.
Shell CEO Wael Sawan said Middle East oil flows had recovered to more than 80% of prewar levels.
Vortexa data reported by Reuters put September Gulf oil flows, excluding Iran, above 81% of prewar levels.
Refined fuel exports have recovered more slowly, to about 60% of prewar levels.
Saudi Aramco CEO Amin Nasser said nearly 3 billion barrels of supply had been lost and rebuilding inventories could take up to two years.
G7 countries agreed to release up to 100 million barrels of crude and diesel from emergency reserves.
- Who
- Shell CEO Wael Sawan, Saudi Aramco CEO Amin Nasser, and G7 countries.
- What
- Middle East oil flows have partly recovered, while Saudi Aramco warns that replenishing depleted global inventories could take up to two years.
- When
- Sawan spoke on Tuesday; Vortexa data cited in the article covers September 2026.
- Where
- The Middle East and the Strait of Hormuz; Sawan spoke at a forum in London.
- Why
- The conflict disrupted oil supplies and depleted inventories, leaving markets vulnerable despite recovering flows.
- Middle East oil flows
- Shell’s CEO said flows were above 80% of prewar levels.
- September Gulf oil flows
- More than 81% of prewar levels, excluding Iran, according to Vortexa data reported by Reuters.
- Refined fuel exports
- About 60% of prewar levels.
- Supply lost
- Nasser said nearly 3 billion barrels of oil supply had been lost since the conflict began.
- Inventory drawdown
- About 1 billion barrels had been drawn from stocks, according to Nasser.
- Commercial inventories
- Less than 6 billion barrels remained; Nasser said much of it was not practically available.
- Potential recovery time
- Up to two years to replenish inventories while meeting demand, Nasser said.
- G7 emergency release
- Up to 100 million barrels of crude and diesel.