According to Goldman Sachs' report, what is the current global oil inventory level in days of demand, and how is it projected to change by late May?

According to Goldman Sachs' report, global oil inventories — encompassing onshore, offshore crude reserves, and refined product stocks — currently stand at a level sufficient to meet 101 days of demand, and are projected to decline to 98 days of demand by the end of May.

What specific refined products are experiencing rapid inventory depletion, and why does this raise concerns about regional supply shortages despite globally adequate stock levels?

The report highlights that naphtha and liquefied petroleum gas (LPG), along with jet fuel, are seeing rapid inventory reductions; this raises concerns because, although global inventory totals remain above minimum thresholds, logistical constraints — particularly the 'bottleneck' at the Strait of Hormuz — mask severe localized shortages of these specific products in certain regions.

Report: Declining Global Oil Inventories May Lead to Regional Supply Shortages

May 7, 2026

Goldman Sachs reports global oil inventories near an eight-year low, meeting demand for only 98 days by May. Logistics bottlenecks in the Strait of Hormuz and declining refined product stocks raise regional supply shortage risks.

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