Goldman Sachs Commodities Research reports global oil inventories at 101 days of demand, projected to drop to 98 days by end‑May.
Immediate shortage risks focus on petrochemical feedstocks like naphtha and LPG, and jet fuel in Europe and emerging Asian markets.
While China and the United States hold high crude stocks, Europe and parts of Asia face stretched inventories, heightening regional supply imbalances.
Minimum operational landed storage is estimated at 30‑40 days of demand; continued depletion could trigger localized fuel runs or industrial outages.