Cointime

Cointime

Download App
iOS & Android
Home / Point

Saudi Aramco CEO: Global Crude Oil Inventories Near 'Dangerously Low' Levels

On October 13, Amin Nasser, President and CEO of Saudi Arabian Oil Company (Saudi Aramco), stated at the 25th World Petroleum Congress that global crude oil inventories are approaching 'extremely dangerous' low levels, and it may take two years to return to normal levels. The situation in the Strait of Hormuz continues to pressure the global energy supply chain, exacerbating the tightness of crude oil supply. Nasser noted that current commercial land oil inventories have fallen below 6 billion barrels, which is the 'last available buffer,' but the vast majority of these inventories are not actually usable for the market. (CCTV News)

Comments

All Comments

Recommended for you

  • Bank of America: S&P 500 Earnings Growth Expected to Slow, Analysts Warn of Limited Valuation Tolerance

    On October 13, according to Jin10 news, Bank of America (BofA) has compiled data indicating that despite strong earnings expectations for the S&P 500 index in the third quarter, earnings growth is expected to slow in 10 out of 11 sectors compared to the previous quarter. Industry research shows that analysts anticipate the earnings growth rate for S&P 500 constituents to decrease from 25% in the third quarter and 28% in the fourth quarter of 2026 to 18% in the first half of 2027, indicating a slight weakening in the overall earnings outlook. Luca Paolini, Chief Strategist at Pictet Asset Management, noted that early signs suggest that the momentum for earnings growth may be peaking; given the high threshold for earnings growth expectations, even slightly disappointing results could trigger severe market reactions.

  • Iran Claims US Naval Forces Have Significantly Withdrawn

    On October 13, Iranian Navy Deputy Commander Farahmaz Beimani stated that US naval forces have significantly withdrawn, moving away from Iran's maritime borders. Deputy Commander Beimani said, 'The enemy has significantly retreated from our maritime borders and is maintaining distance from our waters as much as possible. US naval vessels, destroyers, and aircraft carriers have all significantly withdrawn.' (CCTV)

  • Goldman Sachs CEO Denies Succession Rumors, No Transition Plans or Timelines

    On October 13, Goldman Sachs CEO David Solomon downplayed recent rumors regarding a potential leadership transition at the company, calling them mere 'noise.' Goldman Sachs COO John Waldron has long been viewed as a potential successor to Solomon. Recent reports suggested that Solomon might step down as early as next year, bringing the timing of a leadership transition at Goldman Sachs back into market focus. During a conference call with analysts on Tuesday, Solomon stated, 'I want to be clear: Goldman Sachs currently has no succession plans in progress, nor any related timelines. The board and I are fully focused on the company's growth strategy and continuing to provide excellent service to our clients.' He added that he is satisfied with the company's progress, which makes him enjoy his current role even more.

  • Wells Fargo CEO Says Bank is Preparing for U.S. Crypto Stablecoin Opportunities

    On October 13, the CEO of Wells Fargo stated that the bank is preparing for potential crypto stablecoin opportunities in the United States. (Watcher.Guru)

  • Russia Detains Japanese Journalist Suspected of Espionage

    Russia has detained a Japanese journalist suspected of engaging in espionage activities. (International News Agency)

  • New White House Press Secretary Holds First Press Conference

    Today (October 13), the new White House Press Secretary, Katie Zakaria, held her first press conference. The position of White House Press Secretary has been vacant since Levitt's departure at the end of August. On October 9, U.S. President Trump announced on social media the appointment of conservative commentator Zakaria to succeed Levitt. Zakaria previously served as a senior communications advisor for the 'Real Social' website under the Trump Media Technology Group and has also held the position of spokesperson for the Department of Homeland Security and Deputy Assistant Secretary for Public Affairs. (CCTV International News)

  • Israel to Impose Temporary Ban on Fiber and Cellular Network Controlled Drones

    On the 13th local time, according to Israeli sources, Israeli Defense Minister Katz will sign a special security order prohibiting the use of fiber-guided and cellular network-guided drones in Israeli airspace.

  • Meta Rises Over 3% with Launch of 'Most Powerful' Muse Wonder Series Models

    On October 13, Meta (META.US) rose by 3.7%, reaching $770.49. In news, Meta officially launched the Muse Wonder series models, which include the performance-focused Muse Wonder and the complete version Muse Wonder Full. The new models are reported to match the capabilities of OpenAI's ChatGPT and Anthropic's Claude in tasks such as programming, finance, and legal issues. Zuckerberg stated on social media that Muse Wonder represents a larger scale and more advanced capabilities than the previous Muse Spark models, marking Meta's advancement to the forefront of AI capabilities.

  • Father of China's Etching Machine: AI May Be a Bubble, 90% of Domestic Semiconductor Equipment Companies Could Go Bankrupt

    On October 13, Yin Zhiyao, chairman and general manager of Zhongwei Company, delivered a keynote speech warning about the current AI investment frenzy. Known as the father of China's etching machines, Yin stated that while AI is a hot topic and discussed in almost every conference, there is a possibility of a bubble forming around it, which requires careful attention. He pointed out that capital expenditure in the semiconductor industry is directly linked to equipment procurement, with 70% to 80% of companies' capital expenditure allocated for equipment purchases. Industry capital expenditure can increase by as much as 100% in one year, but it can also decline by 30% in another year, leading to significant volatility. Yin analyzed two reasons for these dramatic fluctuations. First, each economic peak is often driven by a single product, and while the next peak may be driven by AI, it has not fully materialized yet. Second, the global macroeconomic environment plays a role; if an economic crisis occurs, the pressure will transmit upstream along the supply chain. Regarding the industry landscape, Yin predicts that consolidation is an inevitable trend. Compared to the United States, which has only a few dozen domestic semiconductor equipment companies after multiple rounds of consolidation, China has a large number of such companies, conservatively estimated to be at least 500 and possibly close to 1,000. If this pattern holds, only a few dozen domestic equipment suppliers are likely to survive, meaning that 90% of manufacturers could be eliminated.

  • Strategy Invests $368.7 Million in STRC Buyback, STRC Hits New High Since May

    On October 13, Bitcoin.com reported that Bitcoin reserve company Strategy repurchased a total of 3,705,947 shares of STRC preferred stock for approximately $368.7 million between September 28 and October 11, at an average price of about $99.47. During the same period, only 584 BTC (approximately $50.2 million) were purchased, with the ratio of funds used for the STRC buyback to BTC purchases being about 7:1. As a result, STRC closed at $99.88 on October 12, reaching a new high since May, reflecting a cumulative rebound of about 40% from the June low of $71.25.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company