The U.S. strategic petroleum reserve has dropped below 300 million barrels, its lowest level since 1983, with salt caverns now roughly 41 percent full, as Washington weighs a plan to release 172 million barrels to calm markets after President Donald Trump declared an unprecedented economic war on Iran.
Global oil inventories declined at roughly 3 million barrels per day between February and August 2026, a cumulative draw of about 519 million barrels. Citigroup projects OECD stocks could reach just 70 days of supply cover by late 2027, while refinery margins have surged approximately 350 percent this year to $33 per barrel.
At the pump, German diesel averaged €2.260 per litre on Saturday, with wholesale diesel trading above $100 per barrel over WTI. The ADAC warned 2026 could become the costest refuelling year on record for German motorists.