NEW YORK, May 21. /TASS/. The decline in global stockpiles of crude oil and petroleum products reached a record pace this month due to the situation in the Middle East, according to estimates by Goldman Sachs, one of the world’s largest investment banks.
According to the bank, global stockpiles are shrinking by 8.7 mln barrels per day, nearly twice the average pace since the start of the regional conflict. Analysts noted that oil exports through the Strait of Hormuz remain at a very low level of 5% of normal volumes.
In addition, the bank said global energy markets have been thrown into deep turmoil by the conflict, which has triggered an unprecedented supply crisis. Stockpiles of energy resources accumulated before the crisis are rapidly declining. Countries around the world have decided to coordinate the use of oil from strategic reserves in an attempt to contain price growth. Since March, global oil stockpiles have been shrinking by an average of 4.6 mln barrels per day, though on an annual basis they remain unchanged due to the accumulation of "significant inventories" during the nine months preceding the war, Goldman added.
According to Goldman analysts, about two-thirds of the global stockpile decline in May was caused by a reduction in volumes of oil and petroleum products being transported aboard tanker vessels, with export declines outpacing import reductions. They noted that the decline in imports "is spreading from Asia to Europe," pointing out that aviation fuel deliveries to Europe were 60% below average 2025 levels.
