Global oil stocks drop almost 270 million barrels since start of Iran war

AI Summary

Amidst the ongoing Iran war, global oil stocks have drastically decreased, dropping about 270 million barrels as crude supply becomes severely constrained. This situation is expected to persist as geopolitical tensions continue to impact the oil market.

Global oil stocks drop almost 270 million barrels since start of Iran war Global oil inventories are falling sharply as the Israeli-US war on Iran constrains crude flows from the Gulf following the closure of the Strait of Hormuz, according to a Bloomberg report. The data shows stockpiles declined by about 4.8 million barrels per day between March 1 and April 25, pushing global reserves towards their lowest levels since 2018. Energy executives told Bloomberg the downward trend is likely to continue in the near term, as supply disruptions persist. They added that even if the Strait of Hormuz reopens, production and shipping across the Gulf are unlikely to recover quickly, forcing major fuel consumers to rely more heavily on strategic reserves.