12:00 - 7.06.2026
June 7, Fineko/abc.az. A global crude shortage triggered by the Middle East conflict and Iran's restrictions on the Strait of Hormuz has led to a severe drain on the US benchmark WTI storage hub in Cushing, Oklahoma.
According to government data reported by ABC.AZ via Thomson Reuters, crude inventories at Cushing have plunged to 22.4 million barrels. Energy analysts warn that if volumes drop below the 20-million-barrel threshold, severe operational issues will emerge, making it mechanically difficult to pump oil out and potentially halting downstream supplies entirely.
With global refiners scrambling to replace the 20 million barrels per day blocked at the Strait, demand for US crude has surged, driving US oil exports to an all-time high of 5.6 million barrels per day in May. At a recent conference in New York, the CEOs of Chevron and Exxon voiced deep concerns over depleted global market buffers, predicting a sharp spike in oil prices during June and July.
