New Delhi, Oct. 6 -- Middle East oil supplies are showing signs of recovery, but the global market is far from out of danger. Shell CEO Wael Sawan said oil flows have climbed back to more than 80% of pre-Iran war levels, while Saudi Aramco CEO Amin Nasser warned that rebuilding global oil inventories could take up to two years.

The contrasting developments underline the central challenge facing energy markets: physical oil flows are recovering, but the inventories that normally protect consumers and economies from prolonged supply shocks have been heavily depleted.

Speaking at the Energy Intelligence Forum in London on Tuesday, Shell's Wael Sawan said Middle Eastern producers had managed to maintain a substantial share of their exports ...