West Nearly Depleted of Oil Reserves Amid Prolonged Middle East Conflict, Bloomberg Reports

The West has almost completely exhausted its oil reserves amid the prolonged conflict in the Middle East, Bloomberg reports. The head of Vitol stated that there are no more free oil reserves in the West and predicted a winter deficit of diesel and aviation kerosene. Saudi Aramco confirmed that the global oil 'buffer' has shrunk to less than 6 billion barrels, with less than 10% available. Analysts believe the market is nearing a halt in pipeline and refinery operations. The situation is exacerbated by a deadlock in U.S.-Iran talks; a new escalation in the Middle East could severely impact Western economies.