Global oil inventories depleting rapidly: International Energy Agency chief 🚨
The head of the International Energy Agency, has warned that commercial oil inventories were depleting rapidly worldwide, with only a few weeks supply left due to the US-Israel war on Iran and the Strait of Hormuz blockade.
Fatih Birol, who is with 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 the reserves “are not endless”.
The onset of the spring planting and summer travel seasons in the northern hemisphere will drain inventories more quickly as demand for diesel, fertiliser, jet fuel and petrol increases, Birol added.
Commercial inventories would last “several weeks, but we should be aware of the fact that it is declining rapidly”, he added.