Global oil inventories fell at an unprecedented rate last month due to supply disruptions from Middle East conflict.
Global oil stockpiles declined by 4 million barrels per day in April, the fastest drawdown on record, as supply disruptions from the Middle East conflict tightened markets. The International Energy Agency attributed the drop to mounting losses from the Strait of Hormuz, a critical chokepoint for oil shipments.
The drawdown surpasses prior monthly declines and reflects an ongoing supply shock over ten weeks after the conflict began. Analysts had anticipated inventory reductions but not at this scale, highlighting the severity of geopolitical risks to energy flows.
Markets are closely monitoring the situation, with oil prices likely to remain volatile as supply constraints persist.