Saudi Aramco's chief executive, Amin Nasser, warned that refilling global oil stockpiles could take as long as two years, as the ongoing U.S.-Iran conflict threatens to tighten oil supplies even further.

Nasser said that since the conflict began, nearly 3 billion barrels of oil supply have been lost, while roughly 1 billion barrels have been drawn from reserves and released into the market.

Oil prices edged lower as crude exports from the Middle East picked up, with reported flows rising through both the Strait of Hormuz and Saudi Arabia's East-West pipeline.

At Saudi Aramco's Ras Tanura refinery and oil port, an employee looks out over a pipeline carrying oil across the Arabian Sea. Saudi Aramco's chief executive said on Monday that rebuilding global oil inventories could take up to two years, warning that the strain on oil supplies could worsen further as the U.S.-Iran war drags on.

Speaking at an energy intelligence conference in London, Nasser said pressure would keep building on both the upstream and downstream ends of the oil supply chain until the Strait of Hormuz fully reopens to shipping and confidence returns to energy markets.

The Strait of Hormuz carries about 20% of the world's crude oil and liquefied natural gas, and the war has severely disrupted shipping through the waterway, dealing a blow to the global economy.

Citing Nasser's remarks, Reuters reported: "Even if the strait reopens, it would take up to two years to meet consumption demand while also replenishing inventories."

Nasser's comments came shortly after the Group of Seven agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves under pressure from U.S. President Donald Trump. The G7 members include France, Canada, Germany, Italy, Japan, the United Kingdom and the United States, with France holding this year's rotating presidency, and the European Union also taking part in its meetings.

Saudi Aramco is the world's largest oil company. Nasser said that since the United States and Israel launched military strikes on Iran in late February, oil supply losses have approached 3 billion barrels, with another 1 billion barrels coming from inventory releases.

The inventories drawn down so far have been mostly commercial stocks; he said the remaining roughly 6 billion barrels of reserves are "effectively not available at short notice."

"The entire energy system is already overwhelmed," he added.

Oil prices dipped slightly on Monday as Middle East crude exports recovered, with flows rising through the Strait of Hormuz and Saudi Arabia's key East-West pipeline. International benchmark Brent crude for December delivery fell 0.1% to $102.20 a barrel, while U.S. WTI crude for November delivery dropped 0.5% to $90.64 a barrel.

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