Global oil reserves are depleting at an unprecedented pace as the US-Israel war on Iran disrupts flows from the Gulf, eroding a key buffer against supply shocks, Al Jazeera reports citing Bloomberg.
Morgan Stanley estimates that global stockpiles fell by nearly 270 million barrels between March 1 and April 25.
The sharp drawdown means that governments and industries lose room to absorb the impact of more than a billion barrels of disrupted oil supply since the US-Israeli war on Iran started on February 28.
