Oil: Most Countries Have Massive Stocks for Two to Three Weeks

Marc-Antoine Eyl-Mazzega, director of the energy and climate center at the French Institute of International Relations (IFRI), discusses the potential impact of the Gulf countries' blockade of the Strait of Hormuz on global oil and gas supplies. He notes that while markets are tense, most countries have large stockpiles to last two to three weeks. Even Saudi Aramco has well-stocked logistics worldwide, including in Asia, where most shipments are headed. Eyl-Mazzega also points out that non-OPEC countries like the United States and Brazil have increased oil production, leading to an oversupply of oil.