EIA warns over 6 million bpd losses as OECD stocks fall
Oil reserves held by the world's 38 wealthiest nations / OECD nations are at their lowest since 2003, mostly because the Strait of Hormuz, a major oil shipping route, has been closed.
This chokepoint has caused big supply issues, and countries like the US are seeing their oil stocks drop fast.
The US Energy Information Administration (EIA) says global oil inventories could lose more than 6 million barrels a day this quarter, with even bigger drops expected next quarter.
US exports reach 2nd-highest 13.6 million bpd
With Middle Eastern oil supplies disrupted, US crude and petroleum product exports have jumped to 13.6 million barrels per day, the second-highest reading on record, to help fill the gap.
Still, alternative pipelines can't fully make up for the loss from Hormuz, and America's own emergency oil reserve is now at its lowest level in years.