More than ten weeks into the war in the Middle East, global oil inventories are being depleted at a record pace as disruptions to flows through the Strait of Hormuz continue to tighten supplies, the International Energy Agency (IEA) said on Wednesday.
According to preliminary IEA data, global oil stockpiles fell by 129 million barrels in March and by a further 117 million barrels in April following US and Israeli strikes on Iran and the subsequent disruption to Gulf exports.
The sharpest declines were recorded in OECD countries, where on-land inventories dropped by 146 million barrels. Visible stocks in non-OECD economies fell by 24 million barrels.
The agency said cumulative crude supply losses from Gulf producers have now exceeded one billion barrels, with more than 14 million barrels a day unable to leave the region, describing the situation as an “unprecedented supply shock”.
The International Energy Agency said in March it would release 400 million barrels from members’ emergency reserves to support global markets, with around 164 million barrels already drawn.
