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Saudi Aramco's CEO warned it could take up to two years to rebuild global oil inventories, saying the squeeze could worsen as the U.S.-Iran war continues.
NEW YORK -- Oil prices lost about $2 on Monday after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies, though selling was limited by ongoing disruption fears linked to the U.S. war with Iran.
The CEO of the world's biggest oil company warned at a conference that the global oil supply system is reaching its limit and that replenishing global oil stockpiles could take two years.