Saudi Aramco chief executive Amin Nasser said emergency reserves might last through a winter but would not address longer-term supply problems. (EPA Images pic)

LONDON: Global oil stockpiles are "scarily thin" owing to the US-Iran war, Saudi Aramco's chief executive Amin Nasser said Monday, days after G7 nations agreed to release more of their inventories to ease supply concerns.

"The system is already straining," Nasser, who leads a key oil producer that is majority-owned by the Saudi state, told the Energy Intelligence Forum in London.

"And with precious little else the world can turn to, the supply resilience cushion is scarily thin," he told the two-day conference attended by leaders from across the energy sector.