Saudi Aramco Challenges Oil Glut Forecasts as Inventories Stay Tight

Saudi Aramco CEO Amin Nasser pushed back against forecasts of a looming supply glut in the crude market, arguing that such concerns are overstated given resilient consumption and inventory levels that remain below their five-year norm. Speaking at the World Economic Forum in Davos, Nasser said that global stockpiles are tight and that much of the oil held in floating storage consists of barrels restricted by sanctions, implying that effective supply to the market is more constrained than headline figures suggest. His comments are relevant for investors tracking both U.S. benchmark Oil – US Crude and international benchmark Oil – Brent Crude, as they underscore a demand-driven narrative that may counter recent bearish market sentiment tied to recession fears and higher non-OPEC output.

Over the past month, prices for U.S. crude futures have advanced about 5.0%, while Brent has gained roughly 5.3%, reflecting a modest but broad-based recovery as traders reassess the risk of oversupply against ongoing demand growth and controlled inventories. From a short-term trading perspective, both U.S. crude and Brent currently show a one-day technical rating of Buy and Buy, respectively, indicating that near-term momentum remains skewed to the upside despite persistent macro and geopolitical uncertainties. Investors can explore more updates, prices, and analysis across global markets at Commodities.