Global Oil Market Tracker

The report analyzes how strategic reserve releases, demand rationing, and high commercial inventories are mitigating the impact of a 10.3mb/d decline in Persian Gulf oil output. Despite the conflict, prices haven't hit $200/bbl due to these buffers and investor expectations of eventual de-escalation.

Key Takeaways

• 1.Global oil prices are being cushioned from significant Middle East supply disruptions by high commercial inventories and strategic reserve releases.
• 2.The US Strategic Petroleum Reserve (SPR) drawdown has accelerated to 1.4mb/d to offset Persian Gulf output losses.
• 3.Persian Gulf production has seen a net deficit of 9.3mb/d after accounting for pipeline diversions and emergency releases.

Table of Contents

• Crude oil: global inventory depletion timeline
• Oil products: global inventory depletion timeline
• Explainer: why oil prices are not USD200/bbl
• What has changed in the last week
• What to watch in the next week
• Changes to Persian Gulf oil output
• Exports from Persian Gulf producers
• Persian Gulf oil supply curtailment by country
• Drilling activity in US shale oil continues to rise
• Strait of Hormuz
• US oil exports surge higher
• Global crude oil inventories remain elevated
• Global oil product inventories showing sharp falls
• Crude oil at sea (global)
• Persian Gulf inventories
• US oil product inventories fall below 10yr range
• Weekly drawdowns from US SPR are accelerating
• Australia petroleum inventories
• High oil refining margins reflect strong demand
• Global oil product prices
• Global crude oil prices
• Crude oil spreads
• Important notice

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