[Global Oil Inventory High-Frequency Tracking] Global land oil inventories gradually deplete

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Source: Energy Research and Development Center

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① Global onshore oil inventories: As of April 2, global onshore oil inventories recorded 3.6B barrels, down 0.4% month-on-month from 3.61B barrels on March 27. Still remains at a high level.

② Global offshore oil on-the-way inventories: As of April 2, global offshore oil on-the-way inventories recorded 1.14B barrels, down 1.8% month-on-month from 1.16B barrels on March 27.

③ Global offshore floating storage inventories: As of April 2, global offshore floating storage inventories recorded 191 million barrels, up 9% month-on-month from 168 million barrels on March 27.

⑤ Iran + Venezuela + Russia offshore floating storage: As of April 2, offshore floating storage for Iran + Venezuela + Russia recorded 74.45 million barrels, up 10% month-on-month from 60.89 million barrels on March 27. Of this, Venezuela’s offshore floating storage recorded 22.21 million barrels, down 14% from 25.71 million barrels on March 27. Iran’s offshore floating storage recorded 40.81 million barrels, up 25% from 27.82 million barrels on March 27.

⑥ Russia offshore on-the-way inventories: As of April 2, Russia’s offshore oil on-the-way inventories recorded 111 million barrels, down 7% month-on-month from 121 million barrels on March 27.

⑦ Middle East offshore floating storage: As of April 2, Middle East offshore floating storage inventories recorded 97.35 million barrels, up 5% month-on-month from 92.55 million barrels on March 27.

⑧ Middle East offshore on-the-way inventories: As of April 2, Middle East offshore on-the-way inventories recorded 206 million barrels, down 2% month-on-month from 207 million barrels on March 27.

⑨ Middle East onshore oil inventories: As of April 2, Middle East onshore oil inventories recorded 1.21B barrels, up 0.19% month-on-month from 1.21B barrels on March 27.

【Weekly summary】

Global offshore floating storage continues to rise, with the increase for vessels staying longer than 7 days totaling nearly 20 million barrels. Judging from the floating storage details, the main drivers are Middle East oil and Iran oil, and the floating storage is concentrated in the vicinity of the Middle East Bay and the Yellow Sea. Within the Middle East Bay, floating storage mainly turns into floating storage as the time to lock down the strait is extended; Iran’s oil shifts eastward toward the Yellow Sea vicinity to wait for Asian buyers’ order instructions due to passage being permitted.

Global onshore oil inventories continue to fall. Over nearly one week, on-the-way volumes declined by more than 30 million barrels, with some of the quantity being converted into floating storage. Moreover, Middle East onshore oil inventories are alleviated in terms of buildup due to pipeline export substitution. More importantly, since the outbreak of the conflict, the rate at which inventories are being consumed is accelerating, raising hidden concerns on the industry side.

Global offshore oil on-the-way inventories fall, mainly because, in the data statistics, the increase in floating storage leads to volumes being excluded from the on-the-way scope; at the same time, Middle East exports are obstructed, so the level of oil on the way from the east drops significantly. This results in on-the-way inventories declining more quickly. Russia’s on-the-way inventories have also declined somewhat; imports from India help it digest the volumes.

At present, for the oil price market, changes in Middle East oil inventories will still be the data to be continuously monitored.

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