Saudi Aramco CEO said that global commercial crude oil inventories have fallen to less than 6000000000 barrels
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AT A GLANCE
Saudi Aramco CEO said that global commercial crude oil inventories have fallen to less than 6000000000 barrels, and that most of them are actually unavailable for use.
Article
Saudi Aramco CEO: Current commercial crude oil inventories have fallen to less than 6000000000 barrels
BlockBeats reported that October 5, Saudi Aramco CEO said that the world held nearly 10000000000 barrels of oil inventories when the crisis broke out, and has now lost nearly 3000000000 barrels of crude oil supply, equivalent to about half of the total volume of crude oil and oil products that was originally transported through the Strait of Hormuz.
More than 1000000000 barrels have been released from inventories to mitigate the supply loss, most of them from onshore commercial inventories, which is “the last major tool.” Current commercial inventories have fallen to less than 6000000000 barrels, and the vast majority are actually unavailable for use.
Original link https://m.theblockbeats.info/flash/370297
Key points
01
Saudi Aramco CEO said that the world held nearly 10000000000 barrels of oil inventories when the crisis broke out.
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Saudi Aramco CEO said that nearly 3000000000 barrels of crude oil supply have now been lost.
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More than 1000000000 barrels have been released from inventories to mitigate the supply loss, most of them from onshore commercial inventories.
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Current commercial inventories have fallen to less than 6000000000 barrels, and the vast majority are actually unavailable for use.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report says that part of global crude oil inventories has already been depleted, with the remaining commercial inventories below 6000000000 barrels, most of which cannot currently be used in practice.
Why it matters to readers
If the figures are accurate, the room for inventories to buffer the loss of crude oil supply may already be limited.
Commercial inventories can be understood as crude oil reserves available for supply and market regulation; the less inventory there is, or the more difficult it is to access, the more closely supply changes warrant attention.
Risks and unknowns
The material does not mention the name of CEO Saudi Aramco.
The material provides no independent verification of the relevant inventory and supply-loss figures.
The specific proportion and reasons why “the vast majority are actually unavailable for use” are not explained.
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Related concepts
Commercial inventories
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