Global oil inventories shrink as Middle East and Ukraine wars strain supply
Analysts warn that ongoing conflicts in the Middle East and Ukraine are depleting global oil stockpiles, prompting higher price forecasts.
Goldman Sachs lifted its year-end oil price outlook, citing supply vulnerabilities and low inventories. Executives from Saudi Aramco and Vitol described current stock levels as dangerously thin, saying no further reserves are available to draw on. Experts at the Center for Strategic and International Studies cautioned that nations such as Iran are unlikely to remain passive, adding geopolitical risk to the market.
Why it matters
Tight oil supplies could push prices higher, affecting global economies and energy security.
In this story
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