Global oil reserves fell by 200 mln barrels in April due to lower supply amid the conflict in Iran, marking the largest decline since the COVID-19 pandemic, the Financial Times reported, citing data from S&P Global Energy.
Stockpiles of crude fell sharply in April despite a daily drop in demand of about 5 mln barrels, according to the report.
It was noted that in a normal month, global reserves fluctuate between several hundred thousand and a million barrels per month.
The U.S.-Israeli war against Iran has cost the global market 1 bln barrels of oil, and supply is declining much faster than demand for fuel.
Global oil reserves currently stand at around 4 bln barrels, but most of them are used to maintain the operation of oil refineries and pipelines.
Earlier, Goldman Sachs, one of the world’s largest investment banks, said that global oil reserves in storage are approaching their lowest level in eight years as supplies through the Strait of Hormuz remain limited. The world’s total oil reserves in storage are only enough for 101 days of consumption, a figure that could drop to 98 days by the end of May, the bank noted.
