2 hrs ago

Middle East Oil Flows Recover, but Inventory Risks Persist

Iran war: Shell sees Middle East oil flows at 80% as Saudi Aramco warns inventories may take 2 years to rebuild · livemint.com

Oil shipments from the Middle East have started to recover after the conflict disrupted supplies.

Shell’s chief executive said flows were above 80% of their earlier levels.

Refined fuels, such as gasoline and diesel, have recovered more slowly.

Saudi Aramco’s chief executive warned that the world has used up much of its stored oil.

He said rebuilding those supplies while meeting demand could take as long as two years.

The Strait of Hormuz remains important because a lot of oil and gas normally passes through it.

Some ships have turned off tracking systems, making it harder to measure shipments.

G7 countries have agreed to release emergency oil and diesel stocks to ease market pressure.

Key facts

Middle East oil flows: Shell’s CEO said flows were above 80% of prewar levels.
September Gulf oil flows: More than 81% of prewar levels, excluding Iran, according to Vortexa data reported by Reuters.
Refined fuel exports: About 60% of prewar levels.
Supply lost: Nasser said nearly 3 billion barrels of oil supply had been lost since the conflict began.
Inventory drawdown: About 1 billion barrels had been drawn from stocks, according to Nasser.
Commercial inventories: Less than 6 billion barrels remained; Nasser said much of it was not practically available.
Potential recovery time: Up to two years to replenish inventories while meeting demand, Nasser said.
G7 emergency release: Up to 100 million barrels of crude and diesel.

livemint.com · 3 hrs ago