Goldman Sachs: Global crude oil inventories are decreasing at a rate of 8.7 million barrels per day

According to Goldman Sachs, global crude and refined oil inventories have been decreasing at a record rate of 8.7 million barrels per day since May, almost twice the average rate since the outbreak of the conflict. Goldman Sachs analysts pointed out that the export volume of oil from the Strait of Hormuz is only 5% of the normal level. Two thirds of the inventory decline in May was driven by a decrease in "offshore oil", with exports falling more than imports. The import slump has spread from Asia to Europe, with European aviation fuel imports 60% lower than the average level in 2025.