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…
Oil storage levels for the global market are reaching critically low levels, according to industry executives speaking at a London forum. This scarcity is making the market more vulnerable and driving up prices. Governments and energy firms have tapped into their reserves to cushion the impact of severe supply disruptions caused by ongoing wars in the Middle East and Ukraine during 2023.
Currently, only around 6 billion barrels of commercially available oil remain, with the majority not easily accessible, signaling that the system is already under pressure.
Saudi Aramco's CEO, Amin Nasser, highlighted the situation at the Energy Intelligence Forum in London. Since the beginning of the Middle East crisis this year, over 1 billion barrels of oil have been extracted, primarily from onshore commercial stocks - this being the last significant resource at their disposal. The International Energy Agency, the West's oil oversight body and overseer of strategic reserves, is set to release an additional 100 million barrels of crude and diesel to help alleviate the escalating crisis.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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