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Global oil stockpiles could hit record lows if Strait of Hormuz remains closed
The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.
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cnbc.com
Hormuz closure cuts OPEC oil production by 30% and threatens demand growth this year, cartel says
Global demand is facing constraints because supply from the Persian Gulf has been effectively cut off by Iran's blockade of the Strait of the Hormuz.
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energyintel.com
Inventories Insulate Oil Demand, But Time Is Running Out
Consumers have tapped surplus oil-on-water and near-record stocks to mitigate supply losses from Hormuz's near-closure. But such draws are becoming unsustainable.
