The world has nearly burned through its oil stockpile buffer, executives say: ‘System is already straining’

Industry executives at a London forum report that the global oil stockpile buffer is nearly depleted. Governments and energy companies utilized these reserves to mitigate supply disruptions caused by wars in Ukraine and the Middle East. This reduction in accessible oil storage has made the global market significantly more fragile, creating upward pressure on prices. Experts warn that the system is already straining as the world faces unprecedented disruptions to its energy supply chains this year.