The global oil shortage has reached a critical level. Is there anything that can be done? 0 15

Due to the war between the United States and Israel with Iran, the global market has experienced a shortage of about 1 billion barrels of oil in the last two months, according to the Saudi oil company Saudi Aramco. This was reported by Reuters on Sunday, May 10.

According to the company's CEO Amin Nasser, even if the blockade of the Strait of Hormuz is lifted and oil supplies resume, it will take time for the market and raw material prices to stabilize. Nasser emphasized that, in addition to the war between the United States and Israel with Iran, the market is affected by a long-standing investment deficit that has increased the pressure on already low global oil reserves.

As Reuters writes, in the first quarter of 2026, Saudi Aramco's net profit, one of the largest oil companies accounting for about 12% of the world's oil reserves, increased by 25% to $32.5 billion.

To bypass the blockade of the Strait of Hormuz, Saudi Aramco is using its pipeline, which transports up to 7 million barrels of crude oil per day from the eastern coast of the Persian Gulf to the Red Sea, Nasser said.

Oil reserves are decreasing at a record pace

Earlier, the British newspaper Financial Times, citing data from analysts at S&P Global Energy and Goldman Sachs, reported that by the end of April 2026, global oil reserves had decreased by a record 200 million barrels.

According to S&P's calculations, in April, oil volumes decreased by 6.6 million barrels per day, despite a drop in demand. It fell by 5 million barrels per day - the second-largest decline in history. Demand for oil only fell more during the coronavirus pandemic.

Experts believe that the market has not yet reacted to the record pace of reserve depletion, so "the rise in oil prices is still ahead."

As the Financial Times explains, the total global reserves of extracted crude and unprocessed oil are currently estimated at about 4 billion barrels. However, most of this volume is involved in daily operations necessary to maintain the operation of refineries and pipelines through which raw materials are transported, reports Deutsche Welle.