NEW YORK, May 5. /TASS/. Global oil reserves in storage are approaching their lowest level in eight years, with the rate of decline causing serious concern as supplies through the Strait of Hormuz remain limited, according to estimates from Goldman Sachs, one of the world’s largest investment banks.

The world's total oil reserves in storage are only enough for 101 days of consumption, a figure that could drop to 98 days by the end of May, according to Goldman Sachs. While total global stocks are "unlikely to hit minimum operational levels this summer, the speed of depletion and supply losses in some regions and products is concerning," the bank said.

Global commercial stocks of refined petroleum products have fallen from 50 days of consumption prior to the start of the US-Israeli military operation against Iran to 45 days now, Goldman Sachs said, adding that immediately available buffer stocks of petroleum products are rapidly approaching very low levels.