Report Insights: ① Global Onshore Oil Inventries: As of April 2, global onshore oil inventories were recorded at 3.597 billion barrels, a decrease of 0.4% compared to 3.610 billion barrels on March 27. Levels remain elevated. ② Global Oil in Transit at Sea: As of April 2, global oil in transit at sea was recorded at 1.142 billion barrels, a decrease of 1.8% compared to 1.163 billion barrels on March 27. ③ Global Floating Storage: As of April 2, global floating storage was recorded at 191 million barrels, an increase of 9% compared to 168 million barrels on March 27. ⑤ Iran + Venezuela + Russia Floating Storage: As of April 2, floating storage for Iran, Venezuela, and Russia combined was recorded at 74.45 million barrels, an increase of 10% compared to 60.89 million barrels on March 27. Within this, Venezuela's floating storage was recorded at 22.21 million barrels, a decrease of 14% compared to 25.71 million barrels on March 27. Iran's floating storage was recorded at 40.81 million barrels, an increase of 25% compared to 27.82 million barrels on March 27. ⑥ Russia Oil in Transit at Sea: As of April 2, Russia's oil in transit at sea was recorded at 111 million barrels, a decline of 7% compared to 121 million barrels on March 27. ⑦ Middle East Floating Storage: As of April 2, Middle East floating storage was recorded at 97.35 million barrels, an increase of 5% compared to 92.55 million barrels on March 27. ⑧ Middle East Oil in Transit at Sea: As of April 2, Middle East oil in transit at sea was recorded at 206 million barrels, a decrease of 2% compared to 207 million barrels on March 27. ⑨ Middle East Onshore Oil Inventories: As of April 2, Middle East onshore oil inventories were recorded at 1.212 billion barrels, an increase of 0.19% compared to 1.209 billion barrels on March 27.
Weekly Summary: Global floating storage continues to rise, with the volume of oil held for over 7 days increasing by nearly 20 million barrels. A breakdown shows this is primarily comprised of Middle Eastern and Iranian crude, with floating storage located near the Middle East Gulf and the Yellow Sea. Within the Middle East Gulf, cargoes are increasingly being used as floating storage as the blockade of the Strait of Hormuz persists. Iranian crude is heading east towards the Yellow Sea area, awaiting instructions from Asian buyers, influenced by permitted transit. Global onshore oil inventories continue to decline, with oil in transit decreasing by over 30 million barrels in the past week, partly converted into floating storage. Furthermore, Middle East onshore inventories are seeing reduced accumulation due to pipeline exports serving as an alternative. More importantly, the pace of inventory drawdown since the onset of regional conflicts is intensifying concerns within the industry. The decline in global oil in transit at sea is mainly due to statistical reclassification, as increased floating storage is removed from the transit category. Simultaneously, Middle East exports are obstructed, leading to a significant reduction in Middle Eastern crude in transit, which contributes to the rapid decline in transit inventories. Russia's oil in transit has decreased, aided by imports from India. Currently, for the oil market, changes in Middle East oil inventories remain a key data point for ongoing monitoring.
