Goldman Sachs said in a report released on Monday that the global oil stocks are approaching their lowest level in eight years.
The investment bank predicts in its report that global oil inventories, including onshore and offshore crude oil reserves and refined product inventories, are currently sufficient to meet 101 days of global demand, approaching an eight-year low, and could fall to 98 days by the end of May.
As for refined oil products, global inventories were able to meet 50 days of demand before the outbreak of the war in the Middle East, but the stored supplies are now only sufficient for 45 days, the report said.
Analysts said that rapidly depleting inventories of petrochemical products such as naphtha and liquefied petroleum gas, as well as jet fuel, will lead to a growing risk of supply shortages in some economies.
Chevron CEO Mike Wirth recently said that the current situation in the Strait of Hormuz is the main concern regarding supply issues. He stressed that the key issue is not oil prices, but rather how to obtain fuel.
Oil prices went down on Wednesday amid rising market expectations that the United States and Iran are nearing the end of hostilities and that normal passage through the Strait of Hormuz will be restored.
Global oil stocks approaching lowest level in eight years: Goldman Sachs
Canadian soccer fans face a World Cup dilemma as they weigh whether to follow the national team to the United States for the knockout rounds or stay home as cross-border tensions complicate travel. Canada played all three of its group-stage matches at home. After advancing to the round of 32 as the group runner-up, the team is heading to Los Angeles to become the first host country in World Cup history to play a knockout match abroad. Fans must now decide whether to support the team in person or avoid crossing the border.
"I know a lot of people still have hard feelings and that's understandable. I mean, there's been a weird relationship that's going on now," said Canadian fan Silas.
Trade frictions between the U.S. and Canada, along with Trump's comments about making Canada "the 51st state," have turned many Canadians against their southern neighbor. A growing number are now steering clear of U.S. travel.
Data from Statistics Canada shows the number of Canadian residents visiting the U.S. dropped roughly 25 percent last year compared with the previous year.
However, many Canadian fans are willing to put politics aside for the sake of the world's biggest sporting event.
"It is a dilemma, but, sport tends to unite us. It brings us together and I think the World Cup is doing that," said Brad, a Canadian fan.
"It might be a problem any other day, but, this kind of transcends all that and I'm not worried about that at all," said another fan named Jeff.
Canadian fans face dilemma as World Cup knockouts move to U.S.
