DID Press: Global oil inventories are declining at an unprecedented pace as escalating tensions in the Middle East and disruptions around the Strait of Hormuz intensify concerns over energy supplies, according to a new report by Bloomberg.
Citing estimates from Morgan Stanley, Bloomberg reported that global oil reserves fell by approximately 4.8 million barrels per day between March 1 and April 25 — a rate described as exceeding even the highest seasonal drawdowns previously recorded by the International Energy Agency.
Meanwhile, Goldman Sachs said visible global oil inventories have dropped close to their lowest level since 2018.
Bloomberg warned that the rapid depletion of reserves is increasing the risk of a sharp surge in oil prices and potential supply shortages, while governments may struggle to contain the crisis effectively.
The report added that even if hostilities in the Middle East subside, the global energy market could remain highly unstable for an extended period.
The tensions escalated after the United States and Israel reportedly launched military operations against Iran on February 28. In response, Tehran announced restrictions on vessels linked to the United States, Israel, and countries supporting the attacks from transiting through the Strait of Hormuz.