OfficialShipping, energy & marketsBackgroundParis, France
IEA says Hormuz supply losses are draining world oil stocks at a record pace
- Mountain Time
- Local time
- 11:30 AM in Paris
- Where
- Paris, France
In its May oil market report the International Energy Agency forecast 2026 global oil supply falling by 3.9 million barrels a day and demand by 420,000 b/d, and said stocks fell by 117 million barrels in April after a 129-million-barrel draw in March. It said about 164 million of the 400 million barrels pledged from members' emergency stocks had been drawn.
Why it matters
The agency warned that rapidly shrinking buffers "may herald future price spikes" if the Hormuz disruption continues.
Sources (2)
- Al Jazeeraaljazeera.comPublished
- CBS Newscbsnews.comPublished
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