BlockBeats News, October 5: The CEO of Saudi Aramco said that the world held nearly 10 billion barrels of oil in inventories when the crisis began, and has now lost nearly 3 billion barrels of crude oil supply—equivalent to about half the total volume of crude oil and petroleum products that would normally be transported through the Strait of Hormuz.
More than 1 billion barrels have been released from inventories to offset supply losses, most of them from onshore commercial stocks. This is the “last major tool.” Commercial inventories have now fallen below 6 billion barrels, and the vast majority are effectively unavailable.
More than 1 billion barrels have been released from inventories to offset supply losses, most of them from onshore commercial stocks. This is the “last major tool.” Commercial inventories have now fallen below 6 billion barrels, and the vast majority are effectively unavailable.