This report tracks the ongoing global oil supply deficit of 9.1mb/d caused by Strait of Hormuz disruptions. It highlights China's pivotal role in cushioning supply shocks and the subsequent tightening of global inventories.
Key Takeaways
- 1.The Strait of Hormuz closure has resulted in a net deficit of 9.1 mb/d of oil, despite US inventory releases.
- 2.China has significantly reduced its crude imports, acting as a buffer for the global market, but likely faces exhaustion of its current demand management strategy.
- 3.Global oil markets remain tight with depressed inventories and sustained high refining margins despite short-term volatility.
Table of Contents
- Crude oil: global inventory depletion timeline
- Oil products: global inventory depletion timeline
- Explainer: China helped buffer oil supply disruptions
- 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
- US supply unchanged despite increased drilling activity
- Transits through the Strait of Hormuz remain low
- US fuel exports weaken amid strong domestic demand
- Drawdown in global oil inventories centred in America
- Global oil product inventories showing sharp falls
- Crude oil at sea (global)
- Persian Gulf inventories
- US gasoline stocks bounce
- Weekly drawdowns from the US SPR stabilising
- Australia petroleum inventories
- Singapore oil product inventories drop sharply
- High oil refining margins reflect strong demand
- Global oil product prices
- Global crude oil prices
- Crude oil spreads
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Authors
Daniel HynesSoni Kumari
Securities
Brent Crude Oil
Themes
Supply chain disruptionsInventory managementEnergy security
Regions
Middle EastChinaUnited StatesSaudi Arabia