Global Oil Inventories Reach 34-Year Low Amid West Asia Conflict

Oil inventories held by OECD member countries have dropped to their lowest point since 1990, a decrease of 163 million barrels since the West Asia conflict began. This significant reduction is attributed to governments using strategic reserves to compensate for disruptions in Gulf crude shipments, particularly through the Strait of Hormuz. The anticipated reopening of the Strait, following a US-Iran peace deal, is expected to ease some pressure on global energy markets.