IEA chief warns commercial oil inventories are depleting rapidly, only weeks left - Reuters

<a href="https://news.google.com/rss/articles/CBMixwFBVV95cUxNbXhaMk5TYWZoS0c0Q3JTQk5ZeWJxREN3eU1XLWxSZEUweWYxTHdVdWRhcFRsejFkaU1VaVh0VVFmdWg2SVc4RDBEeEk1ek1yVUJnOFNneEhiRHBjTGtlRkdGTHlpUURvX0p4TS1TZERLeG5Ia0RGU2hyWnN4eW83c3dQR0tGTTdhZElobHMyQ2x4TUE1QUhMeFpSLU1pbDhQSFlWYkc3emdQVDhFT293YzVjRXFPWmxKWUxzUzRjNFFqeWhnbVNJ?oc=5" target="_blank">IEA chief warns commercial oil inventories are depleting rapidly, only weeks left</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Fatih Birol, head of the International Energy Agency, stated that commercial oil inventories are rapidly depleting, with only a few weeks' worth remaining due to the Iran conflict and the closure of the Strait of Hormuz. He emphasized that strategic reserves are finite and that increased demand during the spring planting and summer travel seasons will further accelerate the depletion of inventories.

Fatih Birol, head of the International Energy Agency, warned that commercial oil inventories are rapidly depleting, with only a few weeks' worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. He noted that strategic reserve releases have added 2.5 million barrels of oil per day to the market, but these reserves are not endless. The onset of the spring planting and summer travel seasons in the northern hemisphere will drain inventories more quickly as demand for diesel, fertilizer, jet fuel, and gasoline increases.

International Energy Agency Executive Director Fatih Birol stated that commercial oil inventories are shrinking at an accelerated pace, speaking to reporters at a Group of Seven finance ministers meeting in Paris. Birol noted that the depletion is happening very quickly and will continue for several weeks. He also highlighted that fertilizer and diesel prices are rising as the travel and planting season begins, which could significantly affect food prices and, combined with higher energy prices, may substantially increase inflation figures.

Fatih Birol, head of the International Energy Agency, stated that commercial oil inventories are depleting rapidly, with only a few weeks' worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. He emphasized that strategic reserves are not endless and that the onset of the spring planting and summer travel seasons in the northern hemisphere will drain inventories more quickly as demand for diesel, fertilizer, jet fuel, and gasoline increases.

Fatih Birol, head of the International Energy Agency, stated that commercial oil inventories are rapidly depleting, with only a few weeks' worth remaining due to the Iran conflict and the closure of the Strait of Hormuz. He emphasized that strategic reserves are finite and that increased demand during the spring planting and summer travel seasons will further accelerate the depletion of inventories.

Fatih Birol, head of the International Energy Agency, stated that commercial oil inventories are depleting rapidly, with only a few weeks' worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. He emphasized that strategic reserves are not endless and that increased demand during the spring planting and summer travel seasons will further accelerate the depletion of inventories.

The International Energy Agency warns that commercial oil inventories are depleting rapidly, with only weeks of reserves remaining in some regions. Fatih Birol also pointed to a 'perception gap' between the physical oil market and futures contracts, suggesting that futures prices do not fully reflect the current tensions in actual supply conditions. These comments come as investors try to assess the combined impact of geopolitical disruptions, resilient demand, and production policies from major exporters.

Fatih Birol, head of the International Energy Agency, stated that commercial oil inventories are depleting rapidly, with only a few weeks' worth left due to the Iran conflict and the closure of the Strait of Hormuz. He emphasized that strategic reserves are finite and that increased demand during the spring planting and summer travel seasons will further accelerate the depletion of inventories.