Debunking the Global Oil Inventory Crisis: Narratives vs. Reality

Global Oil Inventories, US Inventories, Exports, Imports, and Refinery Utilization (16 Charts).

May 20, 2026

Global Oil Inventories: Separating Fact from Narrative

Major organizations, analysts, and influential social media accounts continue to warn of a massive decline in global crude inventories, citing an “11 mb/d gap” and the loss of over one billion barrels, along with talk of tank bottoms and depleted reserves. None of this is accurate.