Saudi Aramco CEO warns oil market turmoil could last until 2028

Ryan Lance: Ryan Lance serves as Executive Chair of ConocoPhillips. In his October 2026 remarks at the Energy Intelligence Forum, he discussed the extended period likely needed for global oil demand to recover from current disruptions and noted rising price floors for benchmarks like WTI. Amin Nasser: Amin Nasser is the President and CEO of Saudi Aramco. At the October 2026 Energy Intelligence Forum, he outlined the time required to rebuild global oil inventories and detailed Aramco's initiatives to expand export routes and overseas storage in response to ongoing supply disruptions. Saudi Aramco: Saudi Aramco is the world's largest oil company and a key player in global energy production and exports. As of early October 2026, CEO Amin Nasser addressed the Energy Intelligence Forum in London, highlighting challenges in replenishing global oil inventories amid ongoing regional disruptions and the company's efforts to develop additional export routes and storage options. ConocoPhillips: ConocoPhillips is a major U.S. independent energy company engaged in exploration, production, and marketing of oil and natural gas. Executive Chair Ryan Lance commented at the October 2026 Energy Intelligence Forum on the timeline for global oil demand recovery and the company's ongoing portfolio optimization, including evaluation of an unsolicited offer for its North Sea assets. Shaikh Nawaf Al-Sabah: Shaikh Nawaf Al-Sabah is the CEO of Kuwait Petroleum Corporation. Speaking in early October 2026, he emphasized efforts to increase refined fuel exports and restore production capacity in the Middle East amid shortfalls caused by the regional conflict and infrastructure damage. Tengku Muhammad Taufik: Tengku Muhammad Taufik is the CEO of Petronas, Malaysia's national oil and gas company. At the October 2026 conference in London, he described the potential for extended market disruption through much of the end of the year and into 2027 due to shipping and supply chain challenges. Kuwait Petroleum Corporation: Kuwait Petroleum Corporation is Kuwait's state-owned oil and gas company responsible for exploration, production, refining, and international marketing. In October 2026, CEO Shaikh Nawaf Al-Sabah spoke at a London conference about the company's focus on restoring Middle East refining capacity and addressing shortfalls in refined products supply due to infrastructure and shipping issues. Market Outlook: Oil company leaders highlighted that demand recovery and full restoration of supply chains could extend into the later years of the decade, influencing long-term investment and production strategies. Supply Logistics: Industry executives at recent London forums stressed that logistical bottlenecks, including refinery outages and inventory depletion, are likely to sustain elevated oil prices well beyond the immediate crisis period. Geopolitical Disruptions: Ongoing attacks on shipping in the Strait of Hormuz and related infrastructure continue to complicate oil exports from the Middle East despite partial recovery in transit volumes.