Rich nations' oil reserves and Hormuz closure effects

The U.S. Energy Information Administration reported that global oil inventories have dropped to their lowest levels since 2003, with an anticipated decline of 6.3 million barrels per day in the current quarter and 7.66 million barrels in the third quarter, due to stock withdrawals resulting from the significant closure of the Strait of Hormuz. Additionally, the inventories of the 38 member countries of the Organisation for Economic Co-operation and Development (OECD) reached their lowest point since 2003. U.S. exports of oil and petroleum products also hit a record high of 5.8 million barrels per day in April, with an expected average of 4.2 million barrels per day for the year.

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