Goldman Sachs reports a drop in global oil reserves to an eight-year low

Global oil reserves are approaching their lowest level in eight years amid supply restrictions through the Strait of Hormuz. This was reported on May 4 by the Reuters news agency, citing data from analysts at the Goldman Sachs investment bank.

According to the bank's estimates, the total volume of global stocks of raw materials is now equivalent to 101 days of global demand. Experts predict that by the end of May, this indicator may decrease to 98 days.

"Although total global stocks are unlikely to reach minimum operating levels this summer, the rate of depletion and supply losses in some regions and products are worrisome," Goldman Sachs said in a statement.

The bank's analysts also noted a reduction in global stocks of commercial petroleum products from 50 to 45 days of demand coverage since the beginning of the conflict between the United States, Israel and Iran."Газета.Ru ".

The contract is more expensive: OPEC+ decided to increase production despite the blockade of Hormuz

How will this decision affect the oil price and why will it be problematic to implement it?

The day before, oil prices accelerated their growth amid reports from the UAE Ministry of Defense about intercepted Iranian missiles. At 19:58 Moscow time, the price of July futures for Brent crude oil rose to $115 per barrel. Compared to the previous close, the change was 8.48%.

On the same day, the UAE Ministry of Defense announced that three missiles had been intercepted over the country's airspace. Another shell flew into the sea. In the city of Fujairah, UAE, a fire broke out at an oil industrial facility (NGO) as a result of a drone attack from Iran.