The world has nearly burned through its oil stockpile buffer, executives say
Executives said less than 6 billion barrels of commercial inventories remain and warned the market could face another price spike if Middle East flows are disrupted.
- 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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What global energy industry executives said at a forum in London about oil reserves The post CEO’s: Global oil reserves are almost exhausted appeared first on in.gr.
Depleted Global Stocks Set Higher Floor Under Oil Prices
The world is nearly out of buffers to cushion the supply shock of the Iran war, which raises the floor under oil prices each time re-escalation threatens oil supply from the Middle East, top industry executives said this week. Global oil stocks have been depleted as the war enters its eighth month, leaving the market more vulnerable to the next supply shock. Despite numerous estimates that the Middle East’s crude oil supply is back to –and ev…
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.
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.
NAFTA in the world's warehouses that can be put on the market immediately is almost exhausted, business leaders from the energy sector warned at a conference in London, warning that stocks are close to a “stress point.”
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