IEA warns of rapid oil inventory drawdowns

 International Energy Agency (IEA) Executive Director Fatih Birol warned on Monday that global oil stockpiles were depleting at an accelerated pace and only had a few weeks left, attributing the situation to the ongoing Iran war and the closure of the Strait of Hormuz.

"It will be several weeks, but we should be aware of the fact that it is declining rapidly," he told reporters at the sidelines of the G7 meeting of finance ministers in Paris. "This could have major implications for the food prices and together with the higher energy prices they might give a big push to inflation numbers," he said.

Birol went on to stress that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but that these reserves were not limitless.

https://breakingthenews.net/Article/IEA-warns-of-rapid-oil-inventory-drawdowns/66310990