Senior oil executives have warned that readily available global oil stocks have fallen sharply, leaving the market with little buffer against further supply disruptions.
Amin Nasser, chief executive of Saudi Aramco, said less than 6 billion barrels remained in commercial inventories worldwide, with much of that oil not practically available for immediate use.
More than 1 billion barrels have been drawn from global stocks since the start of the recent Middle East crisis, according to Nasser.
Mike Wirth, chief executive of Chevron, said the loss of inventory buffers had made the oil market more vulnerable and increased pressure on prices.
The International Energy Agency is also preparing to release 100 million barrels of crude oil and diesel from emergency reserves in an effort to ease pressure on the market.
Reuters reported that rebuilding global oil stocks could take years if supply disruptions continue and inventories remain low.
