finance
Global Oil Inventories Near Minimum Operational Levels
Oil stocks in Asia have reached minimum operational levels while Europe is approaching the same threshold. Industry advisor Jeff Currie described the supply situation in Singapore during an industry event this week.
May 27, 7:00 PM·1m read1 source
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Global oil inventories are rapidly approaching minimum operational levels, with Asia already facing acute shortages and Europe close behind. Asia is already struggling with supply, Jeff Currie, Senior Advisor at the Carlyle Group, told CNBC this week.
Speaking on the sidelines of an industry event in Singapore, Currie said jet fuel prices have eased while diesel prices have risen above jet fuel. The problem is not isolated to Singapore, with total Asian oil stocks already on the brink of minimum operational levels, Currie stated.
Record inventory drawdowns, collapsing exports through the Strait of Hormuz, and rising summer fuel demand are tightening markets, according to the report. Prolonged underinvestment in new oil supply and continued disruptions in the Strait of Hormuz could affect price levels, the same analysis noted.
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