IEA says global oil inventories down 509 million barrels
World
Since the Middle East conflict began, global oil inventories have fallen by 509 million barrels below pre-war levels, with on-land stocks hovering at their lowest levels since at least 2016, according to the International Energy Agency.
This big drop has people worried about emergency supplies and puts a spotlight on Saudi Arabia's role in keeping things steady as the market stays unpredictable.
Saudi Arabia key to supply gaps
With around 3 million barrels a day in spare capacity, Saudi Arabia is key to filling supply gaps, especially since OPEC producers were short by 3.85 million barrels per day below output targets in September 2026.
The IEA warns that if conflicts drag on and stockpiles keep falling, we could see even more market instability.