Bloomberg reports record depletion of global oil reserves amid Iran conflict

Global oil reserves are being depleted at a record pace amid the US-Iran conflict and the blockade of the Strait of Hormuz, Bloomberg reports.

According to Goldman Sachs, visible oil inventories are already nearing their lowest level since 2018. This is said to raise the risk of sharp price spikes and fuel shortages.

Natasha Kaneva, head of global commodities research at JPMorgan Chase & Co., noted that the system also requires a minimum level of oil to function, meaning an “operational minimum” is reached well before full depletion of reserves.

The agency added that Asian countries are the most vulnerable, including Indonesia, Vietnam, Pakistan, and the Philippines, which could face critical supply levels within a month.

By Jeyhun Aghazada