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Saudi Aramco chief says replenishing global oil stockpiles could take two years
Saudi Aramco's CEO Amin Nasser highlights a significant challenge facing the energy market, stating that global oil inventories may take up to two years to recover. This warning follows a loss of nearly 3 billion barrels due to the ongoing U.S.-Iran conflict, raising concerns about a supply squeeze that could exacerbate inflationary pressures. The implication for FX markets is clear: a sustained supply deficit in oil not only supports the USD as a safe-haven currency but also puts downward pressure on growth-sensitive currencies like the EUR, JPY, and GBP as stagflation fears mount.