The world's oil reserves are running out

The Kākā by Bernard Hickey · May 12, 2026 · 18m

The Government was insistent yesterday a move to ‘Level 4’ fuel rationing was very unlikely and it’s still forecasting economic growth and relatively moderate inflation this year.

It may pay for Treasury, the Finance Minister and voters in general to have a look at what the closest observers in the global oil industry were saying as recently as last night, especially now the latest suggestion of peace talks and an opening of the Strait of Hormuz have dissolved.

The world’s largest oil company, Saudi Aramco, said last night global oil reserves were being drawn down at a rate of 14 million…