IEA chief warns commercial oil inventories depleting rapidly with only a few weeks worth left
The head of the International Energy Agency, Fatih Birol, has warned that commercial oil inventories are depleting rapidly due to the ongoing conflict in Iran and the closure of the Strait of Hormuz. He noted that while strategic oil reserves have been released to stabilize the market, these reserves are finite and will not last long. The IEA forecasts that global oil supply will fall short of demand this year, leading to a significant reduction in inventories.
- ▪Fatih Birol stated that commercial oil inventories are depleting rapidly, with only a few weeks' worth left.
- ▪The IEA has reported a record drop in global oil inventories, with a decrease of 246 million barrels in March and April.
- ▪Global oil supply is expected to fall by around 3.9 million barrels per day due to the Iran conflict, significantly impacting market forecasts.
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Open this photo in gallery:International Energy Agency Executive Director Fatih Birol during a press conference in Istanbul, March 12.Dilara Senkaya/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountFatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping.Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves “are not endless.”The onset of the spring planting and summer travel seasons in the northern hemisphere…
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