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Data analytics company Kayrros: The Strait of Hormuz remains closed, global crude oil inventories continue to be depleted
Geospatial analytics company Kayrros co-founder and chief analyst Antoine Halff posted on LinkedIn that in the second half of March, the world’s crude oil inventories stored on land and in surface tanks decreased by approximately 850k barrels per day.
Since March 19, Asian crude oil inventories have plummeted by over 26 million barrels, reaching the lowest level in at least ten years for the same period.
Asian inventories are still higher than the levels on March 11.
So far, the supply shortages caused by disruptions in Persian Gulf oil supplies have mainly affected the volume of oil transported offshore, as producers had already shipped oil out of the region in advance.
“Buffer inventories continue to decline.”