In the past 150 days, the world has consumed between 400 and 600 million barrels of its oil reserves, but the narrative about reaching the “bottom of the tanks” is exaggerated.

Bloomberg wrote that global reserves have fallen by about half of what was expected at the start of the war.

Based on what the economic media outlet announced, in the analyses presented, two factors have been ignored. First, China, which before the war had more than 1.4 billion barrels of strategic reserves and so far has drawn only about 100 million barrels. Second, the member countries of the International Energy Agency that, out of the 400 million barrels promised, have so far supplied only about 290 million barrels to the market and still have about another one billion barrels at their disposal.