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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54 Articles
IEA Warns Oil Inventories Are Falling Rapidly As Iran War Shuts Strait Of Hormuz
by Emmitt Barry, Worthy News Washington D.C. Bureau Chief (Worthy News) – The world’s backup oil supply is shrinking fast as the Iran war and the closure of the Strait of Hormuz disrupt global shipping, International Energy Agency chief Fatih Birol warned Monday. Birol said commercial oil stockpiles may last only “several weeks” if the crisis continues. He said emergency oil reserves have helped add supply to the market, but warned those reserve…
Energy chief gives grim warning regarding oil supplies
According to a report from The Telegraph, Fatih Birol, executive director of the International Energy Agency, has issued a stark warning about the rapid drawdown of commercial oil stockpiles, raising fresh concerns over energy security and potential inflationary pressures. Speaking on the sidelines of a G7 meeting of finance ministers in Paris, Birol highlighted the […]
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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.
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