Global oil reserves are depleting at a record pace amid the crisis in the Strait of Hormuz.
Modern.az According to Morgan Stanley's calculations, daily oil production decreased by 4.8 million barrels in March and April, which is significantly higher than all previous records. As a result, global reserves have fallen to an eight-year low - enough to cover approximately 100 days of global consumption.
Meanwhile, production continues to decline - OPEC's production fell to a 36-year low in April. According to JPMorgan's calculations, OPEC countries' reserves could reach an "operational minimum" by September - the level at which oil infrastructure ceases to function normally.
As the market struggles with shortages, a window of opportunity has opened for Russia, the largest supplier outside the strait blockade. The Iranian crisis has already led to a sharp turnaround in Urals prices: in April, the average price of this brand reached $94.87 from $39-44 in December-February.
