Global Chemical Industry Faces Critical Inventory Shortage

Since late February 2026, global supply chains to energy and chemical items have experienced widespread fractures. Sulfur inventories have fallen below the critical three-week limit; lithium hexafluorophosphate stocks are down to just a one-week supply; and the two leading MDI producers in North America declared force majeure on the very same day. The global chemical market is rapidly shifting from a phase of "price negotiation" to a crisis of acute scarcity, where securing any supply at all has have become a formidable challenge.

Oil: Epic Supply Shortfall; Inventories Depleting Rapidly

According to data from the IEA, global oil supply fell to 95.1 million barrels per day in April—a staggering reduction of 12.8 million barrels per day compared to pre-conflict levels. Of this decline, over 14 million barrels per day of production capacity in the Gulf oil-producing nations has been taken offline. The IEA has subsequently downgraded its forecast to global crude oil supply in 2026 by 3.9 million barrels per day, leaving the global market facing a supply deficit of 1.78 million barrels per day. Global commercial crude oil inventories collectively shrank by 246 million barrels between March and April—a new historical record. Currently, at least eight major refineries in the Gulf region have either partially or completely halted operations; additionally, the Ras Laffan LNG plant in Qatar has ceased production, with repairs expected to take several years to complete.