IEA chief: Only weeks of oil inventories left thanks to Iran war
The head of the International Energy Agency has warned that global oil supplies are critically low due to the ongoing crisis in the Strait of Hormuz. With only weeks of oil inventories left, there are concerns that energy prices could surge, potentially leading to a global inflation crisis. The situation is exacerbated by tensions between the U.S. and Iran, with President Trump rejecting Iran's peace proposals and threatening further military action.
- ▪The International Energy Agency has stated that the world has only weeks' worth of oil reserves left.
- ▪IEA executive director Faith Birol warned that declining oil inventories could lead to soaring energy prices.
- ▪President Trump has threatened Iran with destruction unless it agrees to his demands, rejecting their latest peace proposal.
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With no end in sight to the Strait of Hormuz crisis caused by President Donald Trump’s illegal war with Iran, the head of the International Energy Agency warned Monday that global energy supplies are running dangerously low. IEA executive director Faith Birol told reporters in Paris that the world only has weeks’ worth of oil reserves left, raising the likelihood that energy prices will soar even higher in the near future. Birol said that oil inventories are “declining rapidly” and added that there was “a perception gap in the markets between the physical markets and the financial markets,” as the price of oil in futures markets has not yet risen to a level that accurately reflects the coming supply crunch.
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