IEA Warns Oil Inventories Depleting Rapidly

Added: 2026-05-22

[00:00:02]Commercial oil inventories are being depleted rapidly as the Iran war continues and the Strait of Hormuz remains closed with International Energy Agency chief Fatih Birol warning that current stockpiles may only last for a few more weeks. Birol said releases from strategic reserves added [music] 2.5 million barrels per day back into the market, but warned they may not be enough, especially as demand rises during the summer travel and planting seasons across the northern [music] hemisphere, increasing the need for diesel, fertilizers, jet fuel, and gasoline. An International Energy Agency report showed global oil inventories fell by a record 246 million barrels during March and April, while the agency carried out the largest strategic reserve release in its history by injecting 400 million barrels into the market to calm prices. The agency also forecast global oil supplies will decline by 3.9 million barrels per day in 2026 due to the impact of the war after previously expecting a market surplus.