The World Has Nearly Burned Through Its Oil Stockpile Buffer, Executives Say

Oil executives warned that the world’s remaining accessible stockpiles are running low after more than 1 billion barrels were released since the Middle East crisis began. Saudi Aramco chief Amin Nasser said less than 6 billion barrels of commercial inventories remain, with 10% or less readily available. Chevron CEO Mike Wirth said depleted buffers have made markets more fragile and raised oil’s price floor. The International Energy Agency is preparing a further 100-million-barrel release as supply disruptions strain global markets.