Global oil stocks hit 20-year lows
A report from the U.S. Energy Information Administration indicates that global oil stockpiles have fallen to their lowest levels since 2003, as a result of the ongoing closure of the Strait of Hormuz. This has led to significant draws from commercial and emergency reserves to compensate for supply shortages. The administration also forecasts that inventories will decrease by 6.3 million barrels per day during the current quarter, with the decline continuing to reach 7.66 million barrels per day in the third quarter. The impacts have been concentrated on OECD member countries, and U.S. oil exports have reached a record high of 5.8 million barrels per day.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)