World's Richest Nations' Oil Reserves Hit Lowest Since Former US President George W. Bush Era

Washington DC. The oil reserves of the world's rich nations have fallen to their lowest level since the time former US President George W. Bush was in power. This has been mentioned in a report released by the US Energy Information Administration (EIA) on Tuesday.

According to the EIA, global oil reserves are estimated to decrease by 6.3 million barrels per day in the current quarter. A further decrease of 7.66 million barrels per day is expected in the third quarter.

Due to the Iran war, the Strait of Hormuz, through which about 20 percent of the world's oil and gas supply passes, has been effectively blocked for a long time. In such a situation, the global energy system has had to use commercial and emergency oil reserves rapidly. 

Because of this, the EIA has stated that the oil reserves of the 38 developed nations affiliated with the Organisation for Economic Co-operation and Development (OECD) have reached their lowest level since 2003. OECD member nations include countries like the United States, Canada, Japan, Israel, South Korea, France, and the United Kingdom.

After the disruption in oil supply from the Middle East, many countries have increased their use of American crude oil as an alternative. According to the EIA, the net export of US crude oil and petroleum products reached a record level of 5.8 million barrels per day in April. 

The average net export is estimated to be 4.2 million barrels per day this year. Last year, the export ratio was only 1.4 million barrels per day.