How much oil is currently in transit globally?

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Record Volumes of Oil Currently at Sea Globally

Earlier this month, the Kpler consultancy calculated a record 1.35 billion barrels of oil were in transit globally, a figure representing product already at sea. This substantial volume of oil on water is a significant factor influencing current market dynamics.
Oil in Transit Reaches All-Time High

The volume of crude oil currently being transported across the world's oceans has reached an unprecedented level. In a calculation made by the Kpler consultancy earlier in July, the amount of "oil on water"—defined as product already at sea and not yet arrived at its destination—was recorded at a historic 1.35 billion barrels.
Market Buffer Against Supply Disruptions

This record volume of oil at sea serves as a considerable buffer against potential supply disruptions. While strategic and commercial oil inventories are noted to be lower than at the beginning of the conflict in the Middle East, the large quantity of oil already in transit provides a degree of market stability. This helps to limit further sharp increases in crude oil prices, offering some mitigation against the immediate impacts of geopolitical tensions on supply routes.
Impact on Refineries and Supply Chains

The availability of substantial oil stocks, including those in transit, is crucial for the continuous operation of global refining activities. Major oil companies have indicated that they have sufficient stocks to supply their refineries, even amidst concerns over escalating conflict in key shipping lanes. This suggests that while the threat to maritime trade routes is present, the immediate supply chain for refining operations remains robust due to these existing volumes.

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How much oil is currently in transit globally?

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