Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie [View all]

Source: CNBC

Published Mon, May 25 2026 12:51 AM EDT Updated 5 Hours Ago


Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said veteran market strategist Jeff Currie on Monday, underscoring the global energy shock due to the Iran war.

Headline global inventory figures can be misleading as much of the oil stored worldwide cannot be used immediately, said Currie, Carlyle’s chief strategy officer of energy pathways and co-chairman of Abaxx Markets.

A large portion of that oil is needed to keep pipelines and storage systems running safely, leaving only a smaller share available for the market. Asia is already close to these so-called “minimum operating levels,” Currie told CNBC on the sidelines of the UBS Wealth Conference in Singapore.

Global oil markets have been under strain since the outbreak of the Iran war earlier this year, after disruptions to shipping through the Strait of Hormuz sharply curtailed energy exports from the Middle East.

Read more: https://www.cnbc.com/2026/05/25/oil-prices-iran-war-carlyle-currie.html