Is Oil Locked Up in the SPR a “Surplus”?
Global Oil Inventories, China’s Oil Inventories, and US Data: Inventories, Exports, Imports, and Refinery Utilization (14 Charts).
December 31, 2025
Large Increase in Global Oil Inventories
Global oil inventories increased by 139.8 million barrels (mb) in 2025 YoY, according to kpler, as shown in Figure 1. While this appears bearish at first glance, a closer examination of the details reveals that much of this increase does not represent a true commercial surplus likely to pressure prices downward.
US SPR Additions Are Not a Bearish Surplus