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Aramco Says Global Oil Spare Buffers to Slump When China Reopens

  • Spare capacity will be ‘eroded completely,’ says CEO Nasser
  • Company sees little extra competition from Russia in Asia
Crude oil storage tanks stand at Saudi Aramco's Abqaiq crude oil plant in Saudi Arabia.
Crude oil storage tanks stand at Saudi Aramco's Abqaiq crude oil plant in Saudi Arabia.Photographer: Faisal Al Nasser/Bloomberg

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The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy.