Global visible oil inventories have fallen -162 million barrels since the start of the Iran war on February 27, erasing ~37% of the inventory built up in 2025.

Total inventories are down to 7,981 million barrels, declining at a rate of -10.2 million barrels per day over the last 7 days.

Floating storage from the Persian Gulf has collapsed by ~250 million barrels, as oil that would normally be in transit through Hormuz is no longer moving.

Asia excluding China and India has been the hardest hit on the landed side, with inventories falling sharply since early March.

Goldman Sachs has called this the largest oil supply shock on record, estimating cumulative losses could exceed 800 million barrels over a 6-week period if the Strait remains at current levels.

The global oil buffer is disappearing fast.