Global oil reserves have sharply declined under the influence of conflicts around Iran, reaching a record level. Zamon.uz reported this.
According to analysts' calculations, in April, oil reserves decreased by 6.6 million barrels per day, and by a total of 200 million barrels over the month. This occurred despite a decline in demand. It is noted that during the same period, demand for oil also fell by 5 million barrels per day, which is the second largest decline in the history of observations. A decline this sharp was previously observed only during the COVID-19 pandemic.
According to Goldman Sachs experts, global oil reserves are approaching their lowest level in eight years. Also, according to the Arg agency, aviation fuel reserves in Northern Europe fell to a six-year low in April.
Financial Times writes that gasoline reserves in the United States could reach a historical low during the holiday season.
Analysts note that due to the war in the Middle East and the blockade around the Strait of Hormuz, nearly 1 billion barrels of oil have already been withheld from the oil market. Experts believe the situation in the oil market is deteriorating very rapidly and could reach a serious, dangerous stage within the next few weeks.
According to S&P Global Energy representative Jim Burkhard, the market has not yet fully responded to the record rate of reserve decline, so an increase in oil prices is still ahead.
