Global Oil Stocks Falling at Record Pace, Media Says
Citing Morgan Stanley data, media reported that global oil stockpiles plunged by approximately 4.8 million barrels per day between March 1 and April 25 — surpassing all previous inventory drawdown records tracked by the International Energy Agency.
The Strait of Hormuz, situated off Iran's coast, serves as the transit corridor for roughly one-fifth of all global oil and LNG trade. Tanker traffic through the critical chokepoint has remained severely disrupted following the US-Israeli military campaign against Iran, compounded by repeated mutual accusations of ceasefire violations between the warring parties.
The crisis has drawn sharp warnings from Washington. On Friday, US President Donald Trump cautioned that the administration may revive and expand "Project Freedom," a naval operation in the Strait of Hormuz, if a peace agreement with Iran is not reached. US Secretary of State Marco Rubio echoed that stance, warning that military options remain firmly on the table should diplomacy fail.
The consequences for global supply chains could prove severe. According to media, if disruptions persist, commercial oil inventories could deteriorate to "operational stress levels" as early as June, and sink to "operational floor" levels by September — the threshold at which stockpiles approach the bare minimum required to keep pipelines, export terminals, and refineries functioning efficiently.
The crisis is also leaving its mark on US domestic energy reserves. Despite Washington ramping up crude and fuel exports to help offset global supply shortfalls, American stockpiles have simultaneously been drawn down. Data from the Energy Information Administration shows US fuel reserves have recently fallen to 11% below the five-year seasonal average. The figures undercut President Trump's assertion that the US "doesn't need" the Strait of Hormuz, given that the country continues to import crude from Persian Gulf producers.
The ripple effects are also being felt in Europe. The ongoing disruption of Gulf oil flows has paradoxically reinforced the strategic value of Russian energy exports — running counter to the EU's push to eliminate dependency on fossil fuels from the sanctioned nation. According to media reports, Brussels has quietly shelved plans for a permanent ban on Russian oil, citing fears that withdrawing additional crude from global markets could further tighten supply and drive energy prices sharply higher across the bloc.
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