IEA chief commercial oil inventories are running out fast

Fatih Birol, head of the International Energy Agency, said today, Monday, that commercial oil inventories are eroding rapidly in light of the Iran war and the closure of the Strait of Hormuz, adding that these inventories will only last for a few weeks.

Birol, participating in the G7 meeting in Paris, told reporters that "drawing from strategic reserves added 2.5 million barrels per day to the market, but these reserves remain limited."

Birol added that "the start of the spring agricultural season and the summer travel season in the Northern Hemisphere countries will drive the depletion of inventories at a faster pace, with rising demand for diesel, fertilizers, aviation fuel, and gasoline."