Oil stocks declining 'very fast', IEA chief warns
Fatih Birol said commercial inventories could last only several weeks as strategic reserve releases add 2.5 million barrels a day.
- On Monday, International Energy Agency Executive Director Fatih Birol warned that commercial oil inventories are depleting rapidly, with only a few weeks of supply remaining due to the Iran war and Strait of Hormuz closure.
- Constraints at the Strait of Hormuz since Feb. 28 conflict began have severely limited oil flows, which typically constitute one-fifth of global supply; analysts suggest reopening would still require at least 52 days.
- Global oil inventories fell by a record 246 million barrels during March and April, prompting the 32-member International Energy Agency to coordinate the largest-ever release of strategic stocks, withdrawing 400 million barrels.
- Brent crude prices rose 1.4% on Monday to $110.73 a barrel as negotiations between Washington and Tehran stalled, while Societe Generale analysts warn markets operate under a "veneer of stability" but remain "acutely stressed."
- Jeff Currie of Abaxx Commodity Exchange warns physical shortages could hit Europe "any day now," anticipating that once shortages intensify, prices will go "non-linear" as demand peaks approaching Memorial Day.
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IEA Warns Global Oil Stockpiles Are Shrinking Fast as Iran Conflict Disrupts Supply
International Energy Agency chief Fatih Birol said commercial oil inventories are falling rapidly and strategic reserves are finite as conflict involving Iran strains global energy ... The post IEA Warns Global Oil Stockpiles Are Shrinking Fast as Iran Conflict Disrupts Supply first appeared on [your]NEWS.
Oil stockpiles 'declining rapidly', head of International Energy Agency warns
The world should brace for hikes in food prices with oil stockpiles “declining rapidly”, the head of the International Energy Agency says. Fatih Birol warned stored supplies of oil were falling, with inflation a possible outcome. Speaking at the G7 meeting of finance ministers in Paris, Mr Birol said there were still “several weeks” left in the stockpiles. But these were shrinking rapidly as a result of the Iran War and the blocking of the Strai…
The war in Iran is on its way to fulfilling its third month and the warnings of international organizations about its economic impact are rising in tone. They are concerned above all that the blockade of the Strait of Ormuz, key maritime passage for the trade in oil and liquefied natural gas, ends up triggering an energy crisis of unpredictable proportions.This Monday the International Energy Agency (IEA) has again sounded alarm: the mattress of…
The head of the International Energy Agency (IEA), Fatih Birol, made another worrying announcement on Monday: Commercial oil stocks could run out within a few weeks due to the Iran war.
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