Global oil supply buffers have significantly thinned after over 1 billion barrels were withdrawn from commercial inventories to mitigate supply disruptions from conflicts in the Middle East and Ukraine. Saudi Aramco CEO Amin Nasser warned that remaining inventories are severely constrained, with less than 10% of global commercial stocks practically available to the market. With global oil demand at approximately 102 million barrels per day, the current strained state of reserves limits the world’s capacity to absorb further supply shocks. Elevated oil prices and lagging recovery in refined product shipments further exacerbate market vulnerability.