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The world has nearly burned through its oil stockpile buffer, executives say
Executives say less than 6 billion barrels of commercial inventories remain, leaving the market more fragile and raising prices.
- At the Energy Intelligence Forum in London this week, oil executives warned that global inventories are critically low, with Strategic Petroleum Reserve stocks hitting levels not seen since October 1982.
- Wars in the Middle East and Ukraine have disrupted global supply chains, prompting governments to release more than 1 billion barrels of oil from commercial inventories to ease market pressure.
- Amin Nasser, CEO of Saudi Aramco, warned "less than 6 billion barrels of commercial inventories remain today," while Chevron CEO Mike Wirth noted global oil demand is about 102 million barrels per day.
- Vitol Russell Hardy, CEO of commodities trader Vitol, cautioned the world must "keep things in balance as we go through winter" because inventories in the West are depleted and no longer drainable.
- A bad winter could trigger a "bloodbath" in the gas market, Petronas CEO Tengku Muhammad Taufik warned, while executives noted refilling inventories could take years while meeting global demand simultaneously.
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The world has nearly burned through its oil stockpile buffer, executives say: ‘System is already straining’
The amount of oil in storage that is accessible to the global market is running low, industry executives said at a forum in London this week, making the market more fragile and putting upward pressure on prices.
·New York, United States
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World has nearly burned through its oil stockpile buffer | Honolulu Star-Advertiser
LONDON >> The amount of oil in storage that is accessible to the global market is running low, industry executives said at a forum in London this week, making the market more fragile and putting upward pressure on prices.
·Honolulu, United States
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Globally available crude oil supplies have fallen to critically low levels, making the market more vulnerable and driving up prices, several industry leaders warned at the Energy Intelligence Forum in London.
·Budapest, Hungary
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Coverage Details
Total News Sources34
Leaning Left2Leaning Right5Center5Last UpdatedBias Distribution42% Center, 42% Right
Bias Distribution
- 42% of the sources are Center, 42% of the sources lean Right
42% Right
L 16%
C 42%
R 42%
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
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