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Global oil inventories to fall below 100 days of demand on Hormuz blockade

Nikkei Asia · last updated
Energy

Global oil inventories to fall below 100 days of demand on Hormuz blockade

Despite hints of reopening strait, supplies are expected to remain below market needs

Oil storage tanks at the Daesan petrochemical complex in South Korea. © Reuters

TOKYO — Global crude oil inventories are projected to shrink beneath 100 days’ worth of demand this month as the Strait of Hormuz blockade continues while accumulated stocks are depleted.

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