Global oil inventories fell by approximately 200 million barrels in April, the fastest pace since the pandemic.
Modern.az reports with reference to foreign media that Goldman Sachs reports an 8-year low and notes that there are currently approximately 45 days of oil products left in the world.
Since the beginning of the Gulf War, the market has lost a total of 1 billion barrels. Morgan Stanley predicts that US reserves could fall below 200 million barrels - a week's worth - by the end of August.
The crisis is most acutely felt in Asia: 84% of shipments through the Strait of Hormuz are sent there. South Korea has introduced a $7.1 billion anti-crisis package, Thailand has imposed a price limit on diesel fuel and banned its export, and China has stopped shipping oil products abroad.
Europe has approximately three months of reserves, which is mainly due to the International Energy Agency's largest release of strategic reserves in March.
Negotiations between the US and Iran are ongoing, mediated by Pakistan. On May 6, Axios reported the "closest rapprochement" between the two sides since the beginning of the war, which immediately caused oil prices to fall to around $101.
The World Bank estimates a base scenario of $86 per barrel of oil if shipping normalizes by the end of the year; a prolonged conflict could push the price to $115.
