Disruptions in the Strait of Hormuz are pushing global inventories toward operational ‘stress’ and ‘floor’ levels, the outlet has reported
Global oil inventories are shrinking at the fastest pace on record amid continuing disruptions in the Strait of Hormuz, Bloomberg has reported.
The outlet cited data from Morgan Stanley on Saturday showing that global oil stockpiles fell by about 4.8 million barrels per day between March 1 and April 25. The figure surpasses previous inventory drawdown records tracked by the International Energy Agency, it added.
The Strait of Hormuz off Iran’s coast normally carries about one-fifth of the global oil and LNG…
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