India may require domestic refiners to hold 30 days' worth of crude oil reserves, akin to China's model, to secure energy supply amid global disruptions, potentially costing refiners nearly Rs 60,000 crore.
South Korea and the UAE held discussions on strategic energy cooperation, focusing on joint oil reserves and nuclear power projects. The meeting also addressed stable crude oil supply and potential new supply routes.
Germany's released oil reserves are almost entirely depleted, with only minimal amounts remaining. The Ministry of Economic Affairs stated that the released quantities have been absorbed by the market, assuring no current energy shortages in Germany and the ability to take countermeasures if needed.
Indian refiners have secured sufficient crude oil and LPG supplies to last through August and mid-July, respectively, by increasing purchases from suppliers like ADNOC and through spot tenders, amid ongoing Middle East energy supply disruptions.
India and UAE are accelerating plans to build 30 million barrels of strategic oil reserves, expanding UAE-linked capacity from 5.8 million barrels. This move aims to bolster India's energy security amid geopolitical risks, with potential for commercial utilization of stored crude.
US commercial oil reserves decreased by 8 million barrels to 433.7 million as of May 29, 2026, 3% below the five-year average. Brent and WTI oil futures saw price increases.
Over half of Russia's recoverable oil reserves, totaling 17.4 billion tons, are potentially eligible for tax benefits. Difficult-to-recover reserves (TRIZ) already constitute 30% of production and are expected to grow due to state support, primarily tax incentives. Approval for these benefits is not expected before 2028.
China is expected to draw down its oil reserves as refiners cut imports due to weak demand and production curbs. Meanwhile, Iran faces record inflation and currency collapse, exacerbating economic hardship and fears of social unrest. Saudi Arabia's real estate market shows signs of cooling inflation due to government interventions.
Venezuela's interim President Delcy Rodríguez will visit India next week for oil sales talks, announced US Secretary of State Marco Rubio. Rubio stated the US aims to increase energy exports to India, a "great partner," while Venezuela seeks to diversify its oil buyers.
US commercial oil reserves decreased by 4.3 million barrels to 452.9 million barrels as of May 8, 2026, 0.3% below the five-year average. Brent and WTI oil futures saw slight increases.
Global oil inventories are shrinking at the fastest pace on record amid disruptions in the Strait of Hormuz, Bloomberg has reported Read Full Article at RT.com
Global oil stockpiles dropped by about 4.8 million barrels a day between March 1 and April 25, the news agency said
Iraq has the fifth largest proven oil reserves in the world, estimated at 145 billion barrels, representing about 17% of total Middle Eastern reserves and around 9% of global reserves, according to the US Energy Information Administration (EIA).
Jim Burkhard, head of crude research at S&P, added that in a normal month, global reserves fluctuate between several hundred thousand and a million barrels per month
One of the world’s largest investment banks said that global commercial stocks of refined petroleum products have fallen from 50 days of consumption prior to the start of the US-Israeli military operation against Iran to 45 days now
China holds the world's largest strategic oil reserves, followed by the US and Japan, according to IEA data. Amid the US-Iran conflict and the closure of the Strait of Hormuz, nations are managing emergency stockpiles to mitigate supply disruptions.
