The global oil shortage has reached about one billion barrels: what we know
10 May 22:15
According to Saudi Aramco, the conflict between the U.S., Israel, and Iran has created a shortage of approximately 1 billion barrels of oil on the global market over the past two months. This was reported by Reuters, as cited by "Komersant Ukrainian".
According to company CEO Amin Nasser, even if the blockade of the Strait of Hormuz is lifted and oil supplies resume, it will take time for the market and commodity prices to stabilize. Nasser emphasized that in addition to the conflict between the U.S. and Israel with Iran, the market is being affected by a long-standing investment deficit, which has exacerbated the strain on already low global oil reserves.
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According to Reuters, in the first quarter of 2026, the net profit of Saudi Aramco, one of the largest oil companies accounting for about 12% of the world’s oil reserves, rose by 25% to $32.5 billion.
To bypass the blockade of the Strait of Hormuz, Saudi Aramco is using its oil pipeline, which transports up to 7 million barrels of crude oil per day from the eastern coast of the Persian Gulf to the Red Sea, Nasser said.
Oil reserves are shrinking at a record pace
Earlier, the British newspaper Financial Times, citing data from analysts at S&P Global Energy and Goldman Sachs, reported that by the end of April 2026, global oil reserves had declined by a record 200 million barrels.
According to S&P estimates, oil production fell by 6.6 million barrels per day in April, despite a decline in demand. It plummeted by 5 million barrels per day—the second-largest drop in recorded history. Demand for oil has fallen more sharply only during the coronavirus pandemic.
Experts believe the market has not yet reacted to the record pace of inventory drawdowns, so “rising oil prices are still ahead.”
As the Financial Times explains, total global stocks of extracted crude oil that has not yet been refined are currently estimated at approximately 4 billion barrels. However, most of this volume is used in daily operations necessary to keep refineries and pipelines running, through which the raw material is transported.
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