Americas Step Up to Fill Oil Supply Gap Amid Middle East Conflict

The conflict in the Middle East has disrupted global oil supplies, but the Americas have stepped up to fill the gap. The International Energy Agency (IEA) reports that the U.S. led the way in contributing new barrels to the market, adding 520,000 barrels per day between February and August.

Brazil came in second with 470,000 barrels per day, while Venezuela contributed 300,000 barrels per day. However, much of Venezuela's supply has gone to U.S. refiners.

The IEA notes that emergency stockpiles are a concern, with global crude oil inventories drawing down at a record pace since the conflict began. The U.S. Strategic Petroleum Reserve had only 285,000 barrels remaining as of September 11, leaving it less than half full.