Australian fuel industry warns pump prices could climb as global oil buffers shrink
AI Market Summary
Global oil and refined-product buffers are being rapidly depleted as the Strait of Hormuz disruption persists, a Saudi bypass pipeline is suspended, and Russia's refining capacity is hit. The IEA cites a 507 million barrel inventory draw since the conflict began, while China may lift crude imports and the US is weighing limits on diesel exports. This tightens near-term supply and elevates price risk across energy markets.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT+2.23%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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Global oil stockpiles are being drawn down at a record pace, with the International Energy Agency estimating inventories have fallen by 507 million barrels since the conflict began. Disruptions have escalated as Ukrainian attacks have severely damaged Russia’s refining sector, which typically accounts for 4 per cent of global capacity, while China is preparing to lift crude imports. In Australia, average petrol prices have jumped nearly 40 per cent since July to above $2.30 a litre and diesel has risen nearly 60 per cent to $2.88, heightening concern about further increases.
