Global oil inventories could require at least 18 months to recover even if the Strait of Hormuz reopens, Saudi Aramco CEO Amin Nasser said during the company’s Q2 2026 earnings call on August 4. The US-Israeli conflict with Iran, which erupted in February 2026, has removed an estimated 2.6 billion barrels from cumulative global supply. Pipeline rerouting and strategic reserve releases reduced the net shortfall to roughly 1.8 billion barrels, which would take 18 months to replace at a rate of 2.1 million barrels per day. Nasser called the disruption "the largest supply shock of oil in history." The Strait of Hormuz normally carries roughly a fifth of global petroleum consumption. Aramco’s average Q2 2026 production fell to 9.5 million barrels per day from 12.8 million barrels per day a year earlier, a decline of more than 25%. Despite lower output, Q2 net profit rose 44% year-on-year to $32.69 billion, helped by an average realized oil price of $108.10 per barrel. Aramco has increased use of its East-West Pipeline to reroute crude exports from the Persian Gulf coast to the Red Sea terminal at Yanbu, while evaluating an approximately 2 million-barrel-per-day expansion of refining capacity in western Saudi Arabia. The recovery timeline points to sustained pressure on crude prices and additional demand as countries replenish strategic reserves used during the early months of the conflict.