Global onshore oil inventories reached 3.560 billion barrels as of February 26, up 0.6% from 3.540 billion barrels on February 19. Levels remain elevated.

Global oil in transit recorded 1.276 billion barrels as of February 26, unchanged from the previous week.

Global floating oil storage increased to 111 million barrels as of February 26, up 11.6% from 99.78 million barrels on February 19. This rise is partly attributed to higher volumes of illicit oil held in floating storage.

China's onshore oil inventories stood at 1.202 billion barrels as of February 26, unchanged from the prior week and remaining at high levels.

Combined floating storage for Iran, Venezuela, and Russia totaled 91.61 million barrels as of February 26, up 10% from 74.40 million barrels on February 19. Venezuela's floating storage rose to 25.93 million barrels, an 8.6% increase from 23.89 million barrels. Iran's floating storage reached 51.32 million barrels, up 17.9% from 40.17 million barrels.

Global onshore oil inventories remain high. Consumer nations such as China and India continue to hold substantial onshore stocks. Oil inventories in the Middle East are above projected 2025 levels, while Russian stocks have accumulated significantly.

Global floating oil storage increased notably this week. Factors such as ongoing U.S.-Iran geopolitical tensions, continued U.S. enforcement against illicit tankers, and slower market offtake have contributed to rising floating storage volumes in Venezuela and Iran—particularly the latter. It is also worth noting that amid geopolitical risks, Iran may prefer storing oil on water to mitigate potential future export disruptions.

The broader market continues to face substantial oil inventory accumulation, maintaining significant oversupply pressure on the crude market. This persistent surplus is expected to exert considerable downward pressure on oil prices over the long term.