CNBC: Europe may face oil shortages in the coming weeks, with inventory decreasing at a much faster rate than expected BlockBeats news, on May 18th, CNBC reported that multiple institutions have warned that global crude oil inventories are rapidly declining, and Europe may even experience actual oil shortages before the end of this month, with inventory recovery possibly waiting until December 2027. Jeff Currie, Executive Co Chairman of Abaxx Commodity Exchange, stated that while the oil market appears stable on the surface, the supply system is already in a highly tense state, and physical shortages may occur in Europe at any time. He warned that once inventory runs out, there may be a "non-linear" surge in oil prices. Currie pointed out that the current crude oil market is in a period of traditional off-season and peak season alternation, but with the approaching Memorial Day in the United States and the Spring Bank holiday in the United Kingdom, demand for diesel, gasoline, and aviation fuel will rapidly rise, and supply pressure may significantly intensify at that time. Analysts from Societe Generale stated that the current oil market is only maintaining a 'veneer of stability', and the underlying inventory and logistics system are actually 'extremely fragile'. The report points out that since the escalation of the US Iran conflict on February 28, the flow of oil and gas in the Strait of Hormuz, which accounts for about one-fifth of global transportation, has been continuously restricted. Even if the strait resumes navigation in early June, considering the processes of oil tanker transportation, unloading, refining, and distribution, it will still take at least 52 days for the global supply chain to recover. SocGen warns that if the recovery time of the Strait of Hormuz is further delayed until the end of June, the market will face deeper and longer lasting supply pressures, global inventories may further deteriorate, and oil prices may even rise to $150 per barrel and remain high throughout the year. [Original link]