Oil slips as Gulf exports rise; Aramco warns of tight inventories

· Energy · Saudi Arabia

Oil prices fell, with Brent settling at $100.32, as rising Persian Gulf exports and a price cut by Saudi Arabia pointed to a loosening market, even as tensions persisted around the Arabian Peninsula. Saudi Aramco's chief executive warned it could take up to two years to rebuild global oil inventories, saying the squeeze could worsen as the US-Iran war continues. Saudi Arabia's East-West oil pipeline was said to be flowing normally after a halt following a strike on a pumping station over the weekend.

Why it matters：Oil prices and inventory levels affect inflation and energy security worldwide, with the US-Iran war adding supply uncertainty.

Key points

  • Brent settled at $100.32 a barrel as Gulf exports rose.
  • Saudi Aramco's CEO said rebuilding inventories could take up to two years.
  • The East-West pipeline resumed normal flows after a strike halted it.

Sources (original reporting)

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