economy
May 11, 2026
Middle East hostilities rapidly burn out global oil reserves
Global oil stockpiles dropped by about 4.8 million barrels a day between March 1 and April 25, the news agency said
TL;DR
- Global oil reserves are rapidly declining due to the Middle East conflict and Strait of Hormuz shipping restrictions.
- Stockpiles dropped by approximately 4.8 million barrels per day between March 1 and April 25.
- Global visible oil stocks are near their lowest levels since 2018.
- The depletion increases the risk of severe price spikes and shortages.
- The market may remain unstable even after the conflict concludes.
- A military operation against Iran began on February 28, leading Iran to close the Strait of Hormuz to certain ships.
- A two-week ceasefire was announced by Washington on April 7, but talks for a long-term settlement failed.
- The US announced an extension of the ceasefire, which Iran did not recognize, stating it would act in its own interests.