Storage
Oil market clock is ticking as supply crunch looms
Before the conflict began on February 28, few experts anticipated that Iran would actually shut down the Strait. Almost no one thought the obstruction would stretch into months.
China kept building its crude stockpile in April despite Iran crisis
The ongoing building of inventories by the world's biggest crude importer underlines that China is in quite a different situation to the rest of the world, which is burning through oil stockpiles to compensate for the loss of about 12 MMbpd of supply to the effective closure of the Strait of Hormuz.
China's April oil throughput hits lowest since August 2022, inventories rise
The run cuts were due to negative oil-processing margins, and Chinese independent refineries are expected to deepen the cuts in May despite Beijing urging small refiners to maintain fuel production.
EIA: U.S. crude and fuel inventories fall as Iran war roils energy markets
Fuel inventories also declined, as exports of petroleum products rose to their highest level on record.
Oil supply shock to worsen as inventories fall further even if conflict ends
Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide - so oil companies will continue to deplete storage tanks to meet peak summer demand.
Australia commits $7 B to boost fuel stockpiles, create government reserve
The expanded stockpiles and reserve of around 1 B liters (264 MMgal) will ensure Australia holds at least 50 days of fuel onshore to shield the country from future supply shocks.
Europe's response to the Iran war energy crunch
Central to the EU proposals is a focus on reducing reliance on oil and gas, to cushion against future fossil fuel supply disruptions and price spikes.
IEA ready to further tap global oil reserves if needed, chief says
The 32-member IEA agreed last month to release 400 million barrels of oil from reserves, the largest-ever coordinated release, in a bid to calm oil markets. The U.S., the world's largest oil and gas producer, agreed to release 172 million barrels from its Strategic Petroleum Reserve.
IEA announces record release of strategic stocks in response to Iran war oil price surge
The IEA said the release had been backed unanimously by 32 member countries, the sixth such move it has made since its creation in the 1970s.
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