Global Oil Stockpiles Depleting at Record Pace Due to Middle East Supply Disruptions
Global oil stockpiles are being depleted at a record pace due to supply disruptions from the ongoing Iran conflict, according to Goldman Sachs. The bank estimates daily crude oil withdrawals of 11-12 million barrels, raising its forecast for Brent crude prices to $90 per barrel in Q4 2026. Analysts warn of potential shortages and higher prices if production disruptions persist.
Topics: Brent crude global oil stockpiles Iran war oil prices supply chain disruption