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G Sachs: Global Oil Inventories Near Eight-Year Low, Depletion Rate Concerning
2026-05-05 11:54:28 G Sachs said global oil inventories are approaching an eight-year low, warning that the pace of stock depletion has raised concerns as oil supply through the Strait of Hormuz remains constrained. After the US attempted to deploy the US Navy to restore shipping through the Strait of Hormuz, Iran attacked multiple vessels in the strait and set fire to an oil port in the United Arab Emirates. G Sachs estimates that total global oil inventories currently stand at 101 days of global demand and may fall to 98 days by the end of May. G Sachs added that while total global inventories are unlikely to reach minimum operating levels this summer, the pace of inventory drawdowns and supply losses in certain regions and products is concerning. The bank also estimates that global commercial refined oil product inventories have declined from 50 days of demand before the war to 45 days of demand currently, with readily accessible refined product buffer inventories rapidly approaching extremely low levels. (mn/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |