{"id":3803,"date":"2026-05-08T15:23:26","date_gmt":"2026-05-08T12:23:26","guid":{"rendered":"https:\/\/bricsmagazine.com\/en\/?p=3803"},"modified":"2026-05-08T15:23:27","modified_gmt":"2026-05-08T12:23:27","slug":"global-oil-reserves-have-fallen-to-a-record-level-due-to-the-conflict-in-the-middle-east","status":"publish","type":"post","link":"https:\/\/bricsmagazine.com\/en\/main-issue\/agenda\/brics-plus-news\/global-oil-reserves-have-fallen-to-a-record-level-due-to-the-conflict-in-the-middle-east\/","title":{"rendered":"Global oil reserves have fallen to a record level due to the conflict in the Middle East"},"content":{"rendered":"\n

According to S&P Global Energy, global oil reserves fell<\/a> by a record 200 million barrels in April (nearly 6.6 million barrels per day) due to the blockade of the Strait of Hormuz, through which 20% of the world’s energy transit passes. Demand fell by 5 million b\/d due to high prices, but supply collapsed even more \u2013 15 million b\/d were lost.<\/p>\n\n\n\n

Even if the Strait of Hormuz were reopened tomorrow, it would take at least seven months to restore upstream production (assuming no permanent damage).<\/p>\n\n\n\n

Goldman Sachs warns that global oil reserves are at an eight-year low. Fuel (gasoline, diesel, jet fuel) is left for just 45 days of consumption. The shortage is most acute in Asia and Africa.<\/p>\n\n\n\n

The US is still holding on thanks to its strategic reserves, but if its stocks fall below a critical level (by the end of August there could be just one week of demand left), panic in the global market is inevitable.<\/p>\n\n\n\n

Michael Wirth (Chevron) forecasts that physical oil shortages will begin around the world. Economies will have to slow down. The scale is comparable to the 1970s crisis.<\/p>\n\n\n\n

Prices have already reached a four-year high of $126 per barrel. Even after the truce news receded, Brent remains above $100, and analysts expect a new rally.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to S&P Global Energy, global oil reserves fell by a record 200 million barrels in April (nearly 6.6 million barrels per day) due to the blockade of the Strait of Hormuz, through which 20% of the world’s energy transit passes. Demand fell by 5 million b\/d due to high prices, but supply collapsed even […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1042],"tags":[],"country":[],"authors":[],"class_list":["post-3803","post","type-post","status-publish","format-standard","hentry","category-brics-plus-news"],"acf":[],"yoast_head":"\nGlobal oil reserves have fallen to a record level due to the conflict in the Middle East - BRICS Business Magazine - EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricsmagazine.com\/en\/main-issue\/agenda\/brics-plus-news\/global-oil-reserves-have-fallen-to-a-record-level-due-to-the-conflict-in-the-middle-east\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global oil reserves have fallen to a record level due to the conflict in the Middle East - BRICS Business Magazine - EN\" \/>\n<meta property=\"og:description\" content=\"According to S&P Global Energy, global oil reserves fell by a record 200 million barrels in April (nearly 6.6 million barrels per day) due to the blockade of the Strait of Hormuz, through which 20% of the world’s energy transit passes. 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