‘This is bad’: Strategists see European oil shortages within weeks as inventories are depleted
Strategists are warning of potential oil shortages in Europe as global inventories continue to decline. Jeff Currie from Abaxx Commodity Exchange indicated that these shortages could occur imminently, with significant price increases expected once they do. The current demand cycle is weak, but upcoming holidays are likely to drive up consumption of diesel, gasoline, and oil.
- ▪Global oil stockpiles are rapidly decreasing, with recovery not expected until December 2027.
- ▪Physical shortages in Europe could occur by the end of this month.
- ▪Demand for oil is anticipated to rise sharply with the approach of U.S. Memorial Day and U.K.'s spring bank holidays.
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| Canonical URL | https://www.cnbc.com/2026/05/18/europe-oil-shortage-iran-war-price-shock-inventory-strait-hormuz.html |
| Publication time | Mon, 18 May 2026 12:07:24 GMT |
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LONDON - Global oil stockpiles are plummeting and inventories may not recover until December 2027, strategists warn, with physical shortages potentially looming over Europe by the end of this month.Jeff Currie, executive co-chairman at Abaxx Commodity Exchange, said that physical shortages could hit Europe "any day now," and the severity of the ongoing supply crunch is not yet reflected in oil prices or policymakers' remarks. Speaking with CNBC's "Squawk Box Europe" Monday, Currie said that oil supply concerns will intensify as inventories are depleted, adding that once the shortages hit, prices will go "non-linear." "Then we find out what the willingness is of somebody to pay for that last molecule," Currie said.Currie said the oil market is currently in the midst of its "shoulder…
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