IEA: With global oil inventories declining at a record pace, oil prices may surge further

Golden Ten Data, May 13 – The International Energy Agency (IEA) warned on Wednesday that global oil inventories are falling at a record pace, and the ongoing turmoil caused by the Iran war could lead to further surges in oil prices. In April, crude oil and refined oil inventories dropped by nearly 4 million barrels per day—the equivalent of the combined consumption of the UK and Germany—which may weaken countries' ability to buffer against supply shocks. The report states: "As importing countries face unprecedented Middle Eastern oil supply disruptions, global oil inventories are dropping at a record rate." "With continued disruptions, buffer capacity is shrinking rapidly, which could signal a future surge in prices."