Iran War Depletes Global Oil Inventories

Fatih Birol>>>, head of the International Energy Agency>>>, warned that commercial oil inventories are rapidly depleting, with only a few weeks' supply remaining due to the war involving Iran>>> and the closure of the Strait of Hormuz>>>. He stated this at the G7>>> finance leaders meeting in Paris. The International Energy Agency>>> has revised its forecast, now expecting global oil supply to fall by 3.9 million barrels per day in 2026, erasing a previously projected surplus. This critical situation is exacerbated by increased demand during the spring planting and summer travel seasons. The International Energy Agency>>> coordinated the release of 400 million barrels from strategic reserves in March, with 164 million barrels released by May 8, but these reserves are not endless. The conflict, which saw the United States>>> and Israel>>> launch attacks on Iran>>> in late February, has dramatically shifted the oil market from a surplus to a severe deficit.