The Middle East war tightens supplies, and global oil inventories are plunging at a record pace.
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According to S&P Global Energy estimates, despite high oil prices causing a demand slump of approximately 5 million barrels per day (the steepest decline in history excluding the COVID-19 pandemic), crude oil inventories still decreased by nearly 200 million barrels, which is a daily decrease of 6.6 million barrels. Expand
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