Published：May 5, 12:02Last updated：May 18, 11:21

Global Oil Reserves Rapidly Depleting Amid Middle East Conflict

May. 5, 2026 12:02

Goldman Sachs reported on May 5, 2026, that global commercial stocks of refined petroleum products have fallen to 45 days of consumption, nearing an eight-year low. This decline follows the start of the US-Israeli military operation against Iran, which has disrupted global oil supplies.

Summarized

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10Media

May. 18, 2026 09:37

Fatih Birol, head of the International Energy Agency, has warned that commercial oil inventories are declining rapidly. This issue was discussed at the G-7 finance ministers meeting in Paris, where concerns about consumer prices were also raised. The situation highlights global energy market instability.

May. 18, 2026 11:21

Fatih Birol, head of the International Energy Agency, warned on May 18, 2026, that commercial oil reserves are rapidly depleting, with only a few weeks' supply left, potentially leading to a crisis.

Global oil reserves are shrinking at an unprecedented rate, driven by escalating geopolitical tensions and logistical disruptions in the Middle East. The International Energy Agency (IEA) reported a staggering decline of 250 million barrels in March and April 2026, equivalent to 4 million barrels per day. The Strait of Hormuz, a critical chokepoint for global oil and LNG trade, has been heavily disrupted following the US-Israeli military campaign against Iran. This has led to a sharp reduction in global oil inventories, with commercial reserves potentially reaching critical levels by September. Russia Today+2

📉 Inventory Decline

Global oil inventories have plummeted to their lowest levels in eight years, with only a few weeks' supply remaining. The depletion is accelerating due to ongoing conflicts in the Middle East, particularly the disruptions in the Strait of Hormuz. Fatih Birol, head of the IEA, warned that this rapid decline could lead to a crisis if not addressed promptly. Kommersant+1

🌍 Regional Vulnerabilities

Asia-Pacific and Europe are facing heightened risks of fuel shortages due to uneven inventory declines. Products like naphtha and jet fuel are particularly vulnerable, with logistical challenges in the Strait of Hormuz exacerbating supply chain issues. These regional disparities are expected to worsen, potentially leading to significant disruptions and price spikes. China.org+1

⛽ Fuel Market Strain

US gasoline inventories are projected to reach historical seasonal lows by late summer 2026, intensifying the already tight fuel market. The conflict in Iran has disrupted global fuel supplies, contributing to this strain. Morgan Stanley warns that these conditions could persist, exacerbating market volatility and consumer price concerns. Bloomberg+1

🚢 Shipping Disruptions

The Strait of Hormuz remains a critical bottleneck, with shipping traffic expected to resume only in June 2026. The closure has severely impacted Middle East oil output, which declined by 10.5 million barrels per day in April. This disruption has further strained global oil reserves, highlighting the fragility of current supply chains and the urgent need for resolution. TASS+1

IranGoldman SachsMorgan StanleyStrait of HormuzUS Energy Department