Global fuel stockpiles are “scarily thin,” Saudi Aramco chief executive Amin Nasser told industry leaders on Monday. He said it could take up to two years to refill inventories drained by the wars in the Middle East and Eastern Europe.

“Until Hormuz fully reopens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify,” Nasser said at an Energy Intelligence conference in London.

Nasser said the world has lost nearly 3 billion barrels of supply since April. The Strait of Hormuz remains choked by the US-Israeli war on Iran, forcing importers to diversify their sources of crude.

South Korea offers a clear example. Saudi Arabia remains its top supplier, but the Saudi share of its imports has fallen below 30 percent this year, while the US share has risen above 20 percent. Seoul reportedly aims to triple its crude imports from Canada.

US crude traded near $91.07 a barrel in late-morning trading, while the Brent benchmark held around $102.41. Nasser warned that the “supply resilience cushion is scarily thin” today.