“Time depletes global stockpiles further because there’s still a deficit of oil coming out of the Strait of Hormuz every day, even with U.S. military power shuttling oil through, and nobody has a good read on how much is going through,” said Rosemary Kelanic, the director of Middle East Engagement at Defense Priorities.
“Maybe it’s 3 million barrels a day, maybe it’s 5 million barrels a day, but it’s not prewar levels. And as long as that’s the case, it’s depleting U.S. and global inventories, and that is decreasing the buffer before prices spike,” she continued.
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