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Monday, October 05, 2026

Global oil stockpiles are "scarily thin" owing to the U.S.-Iran war, Saudi Aramco chief executive Amin Nasser said Monday, days after G7 nations agreed to release more of their inventories to ease supply concerns.

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The Aramco CEO said this was "by far the biggest crisis the region's oil and gas industry has faced."

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-- Forbes (@forbes.com) 6:40 AM · Mar 10, 2026

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More from the article ...

... "The system is already straining," Nasser told the Energy Intelligence Forum in London. "And with precious little else the world can turn to, the supply resilience cushion is scarily thin."

His remarks came hours after the news that oil flows from the Middle East surpassed pre-war levels last week. That welcome news for markets has been tempered, however, by furious fighting between Saudi-backed forces and Iran's Houthi rebel allies in Yemen over control of the Bab el-Mandeb Strait, another key energy chokepoint and the southern gateway to the Red Sea. ...


#1 | Posted by LampLighter at 2026-10-05 07:01 PM | Reply

China's crude oil imports fell in the second quarter (July 2026)
www.eia.gov

... China, the world's largest importer of crude oil, imported less crude oil in the second quarter of 2026 (2Q26) following higher crude oil prices that resulted from disrupted flows through the Strait of Hormuz. China's lower imports reduced global demand, softening the upward price effects from the disrupted supply through the strait.

Monthly data from China's General Administration of Customs indicate that China imported just 8.1 million barrels per day (b/d) of crude oil in 2Q26, 32% less than the previous quarter. In May and June, imports fell below 8.0 million b/d for the first time since 2016. ...


Yup, and fwiw, the above substantial decrease was mentioned in a comment here on this most august site back then.

OK, that was then, and this is now ...

China's Crude Buying Rebounds as Fuel Exports Jump 29% (September 2026)
oilprice.com

... China's crude oil imports rose for the second consecutive month in August as refiners turned to additional non-Middle Eastern supply and boosted overseas fuel shipments amid eased export restrictions.

China imported 37.93 million tons, or 8.93 million barrels per day (bpd) of crude oil in August, up by 6.2% compared to July, and further recovering from the decade-low seen in June, official Chinese customs data showed on Tuesday.

The August import level was still 23.4% lower compared to the same month last year, but it's a marked improvement from the June lows of just 7.1 million bpd.

China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East.

Beijing, having amassed about 1.4 billion barrels of crude before the war, could afford to dramatically reduce its crude buying, slashing import volumes in June by an estimated 4.4 million bpd compared to the 2025 average. ...



#2 | Posted by LampLighter at 2026-10-05 10:16 PM | Reply

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