Global Oil Supply

Saudi Arabia and Russia are deepening cooperation, increasing their combined influence over global oil supply. The shift could potentially alter the balance of power in energy markets.

The White House anticipates an agreement with Iran could take several days for approval by Iran's leadership, including Supreme Leader Mojtaba Khamenei, though the deal remains uncertain. President Trump emphasized avoiding rushed negotiations, urging both sides to ensure the agreement is finalized correctly.

Gas prices have surged to their highest levels in 4 years ahead of Memorial Day weekend, driven by supply disruptions from the Iran war. The conflict has significantly impacted global oil supplies, contributing to the rise in fuel costs for consumers.

An ongoing Iran war is causing severe depletion of global oil stocks, with physical supplies through the Strait of Hormuz down 95% below normal levels. As travel season approaches, this supply shortage threatens to impact energy availability and prices globally.

The International Energy Agency (IEA) reports that global oil supply declined by 1.8 million barrels per day in April, depleting inventories at a record pace. This decline indicates ongoing turmoil in oil prices. The IEA's oil market report for May highlights the severity of the situation.

California's jet fuel stockpile has reached a two-year low due to disruptions in global oil supplies caused by the closure of the Strait of Hormuz. The situation highlights vulnerabilities in energy supply chains amid geopolitical tensions.

Over 160 oil tankers are stuck in the Gulf as Iran increases its control over the Strait of Hormuz, a critical global shipping chokepoint. The situation raises concerns about international oil supply and maritime security in the region.