Saudi Arabia is negotiating with foreign governments to allow state-owned ARAMCO
access to their government-held strategic oil reserves to strengthen its ability
to supply customers during disruptions, ARAMCO CEO Amin Nasser said. He added
that commercial storage available via partners is limited and that the Saudi
energy ministry is coordinating with counterparts to enable use of government
strategic facilities. ARAMCO already holds commercial stocks in South Korea,
Japan, the Netherlands and at Egypt’s Sidi Kerir export hub and is working to
expand those overseas inventories, particularly in Asia. Nasser said the company
aims to double its overseas storage capacity but gave no timeline or current
capacity figures.
