Global Oil Stocks Shrink at Record Pace as Iran War Disrupts Gulf Shipping

Global oil inventories fell by about 4.8 million barrels per day from March 1 to April 25 as the war in Iran disrupted Persian Gulf shipping, according to Morgan Stanley. Morgan Stanley said the drawdown exceeded the steepest quarterly decline previously recorded by the International Energy Agency. With the Strait of Hormuz effectively blockaded for two months, the buffer designed to absorb supply shocks has eroded. Natasha Kaneva of JPMorgan said the oil system will reach an untouchable safety stock limit before inventories are fully depleted.

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