What is Goldman Sachs' assessment of current global oil stock levels and their projected trajectory?

Goldman Sachs stated that global oil stocks are approaching their lowest level in eight years, standing at 101 days of global demand and projected to fall to 98 days by the end of May; the bank noted that while total global stocks are unlikely to hit minimum operational levels this summer, the speed of depletion—and supply losses in some regions and products—is concerning.

How have global commercial refined products stocks changed since the start of the U.S.-Israeli war on Iran, according to Goldman Sachs?

Goldman Sachs estimated that global commercial refined products stocks have drawn down from 50 days of demand (DoD) before the U.S.-Israeli war on Iran to 45 DoD currently, adding that easily accessible refined products buffers were fast approaching very low levels.

Goldman says global oil stocks approaching eight-year low, depletion speed a concern

May 4, 2026

Goldman Sachs reports global oil stocks near an eight-year low at 101 days of demand, citing concerns over rapid depletion amid Strait of Hormuz tensions. While minimum operational levels remain unlikely this summer, refined product buffers are fast approaching critical lows.

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