Plunging Oil Stockpiles Show ‘Significant’ Market Deficit
- Global stockpiles down about 60 million barrels from month ago
- Saudi Arabia and Russia are restricting supply of crude
Oil storage tanks in Galliano, Louisiana, US.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Global oil inventories, already near a six-year seasonal low, slumped sharply over the past month with OPEC+ production cuts and resurgent demand starting to affect the supply of crude.
Worldwide onshore stockpiles were seen at about 3.37 billion barrels as of Wednesday, a slump of about about 60 million barrels from a month earlier, according to energy analytics firm Kpler. They have recovered somewhat since Aug. 15.