Middle East Oil Supply Disruptions Offset by Americas

The conflict in the Middle East has significantly impacted oil supplies, but the Americas have helped to offset this loss. According to the International Energy Agency (IEA), the U.S. led the way in adding new barrels to the market, contributing 520,000 barrels per day (bpd) between February and August.

Brazil came in second, with a contribution of 470,000 bpd. Venezuela also played a role, providing 300,000 bpd, although much of this supply has gone to U.S. refiners.

However, the IEA notes that global crude oil inventories have drawn down at a record pace since the conflict began, with observed oil stocks now 507 million barrels lower than they were at the onset of the war.