Global oil reserves plunged at a record pace in April, as the conflict in the Middle East strains supplies and raises the risk of a further sharp jump in prices ahead of the summer travel season.
Stockpiles of crude fell by nearly 200mn barrels, or 6.6mn barrels a day, estimated S&P Global Energy, even as higher prices triggered a collapse in demand of about 5mn b/d, the sharpest ever fall outside of the Covid-19 pandemic.
“This is massive, it is far above the usual range,” said Jim Burkhard, head of crude research at S&P, adding that in a normal month, global stocks fluctuate by between a few hundred thousand and a million barrels. “An inevitable market reckoning is coming,” he said.
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