Strategic Oil Reserves Nearly Depleted as Hormuz Strait Remains Closed

What was said

"We have burned through all the buffers we had. Everything all of that is gone now. Member countries have already released three quarters of the planned 400 million barrel emergency stock release that was announced in March. There's no more slack left within the system. And so if we do see another six to eight weeks or maybe even a few more months of war, it is almost inevitable that shortages will come up somewhere."

Energy traders warn that IEA member countries have released 75% of their 400 million barrel emergency oil reserves with no more buffer capacity remaining. Oil prices have rebounded to $80-85 per barrel, their highest since the ceasefire. Asian nations are particularly concerned about shortages within 40 days if the Strait of Hormuz remains closed, as no measures have been taken to refill strategic reserves.