The world has nearly burned through its oil stockpile buffer, executives say
LONDON — The amount of oil in storage that is accessible to the global market is running low, industry executives said at a forum in London this week, making the market more fragile and putting upward pressure on prices. Governments and energy companies have drawn oil from stockpiles to alleviate pressure in a global oil market facing unprecedented supply disruptions this year due to the wars in…
Governments and energy firms have tapped into oil reserves to ease the strain on a global market grappling with supply disruptions caused by wars in the Middle East and Ukraine, according to industry executives speaking at a forum in London this week. The amount of oil readily available for the market to utilize is dwindling, with only around 6 billion barrels of commercial inventories remaining, a significant portion of which is not readily accessible, according to Amin Nasser, CEO of Saudi Aramco.
Over 1 billion barrels of oil have been extracted, primarily from onshore reserves, since the onset of the Middle East crisis this year, marking the final major option available, Nasser stated. The International Energy Agency, the West's oil watchdog and overseer of its strategic reserves, is set to release an additional 100 million barrels of crude and diesel to help alleviate the soaring prices.
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