Officials: Global emergency oil reserves nearly depleted

Statements from officials in the energy sector indicate that global oil inventories are approaching critically low levels, increasing market fragility and driving up oil prices, particularly after the withdrawal of more than a billion barrels since the start of the Middle East crisis this year. Currently, commercial stocks are estimated to be less than 6 billion barrels, with only about 10% or less of that immediately available for use, complicating efforts to boost supply through stock releases. The decline in inventories, which have also fallen in U.S. petroleum reserves to their lowest levels since 1982, is putting significant pressure on oil and diesel prices, with expectations of continued market disruptions in the near future due to weak stockpiles and diminished safety margins.

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