Global oil inventories at lowest since 2018 amid war against Iran: Report
Global oil inventories have reached their lowest level in the past eight years as the US-Israeli aggression against Iran and Tehran’s retaliation continue to deplete stockpiles, according to a new report.
The Saturday report by Bloomberg said that global oil supplies had fallen by 4.8 million barrels between March 1 and April 25, citing data from Morgan Stanley and other notable banks and providing comparisons with data from the International Energy Agency.
The report said the war of aggression against Iran and its impacts on the flow of oil and fuel products from the Persian Gulf have been the main reason for the major decline in global oil inventories, as it warned that the drawdown may worsen in the coming months, especially for vulnerable countries in Asia like Indonesia, the Philippines, Pakistan, and Vietnam.
It said that crude oil accounts for 60% of the decline in global oil inventories while refined fuel makes up the rest, adding that jet fuel supplies in European countries are depleting fast, with experts warning they could hit critical levels as soon as June, just before the summer vacation season.
The Bloomberg report warned that the continued depletion of global oil stockpiles could translate into further price hikes, meaning that the market would remain vulnerable for longer to future disruptions even after a full end to the current confrontation in the Persian Gulf.
The crisis has also affected supplies in the US, where government data shows the country’s Strategic Petroleum Reserves have declined for four consecutive weeks, the report said, adding that US distillate inventories have also dropped to their lowest since 2005.
The report comes as Iran continues to restrict the flow of oil through the Strait of Hormuz in response to the US-Israeli aggression that began in late February and was halted as part of a ceasefire on April 8.
Iran has indicated that the normal flow of oil through the Strait, which is responsible for a fifth of global oil supplies, will resume once the aggression ends permanently and the US lifts its illegal blockade on Iran’s maritime trade.
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