Oil Inventories Falling at Record Pace on Iran War, IEA Says

Oil inventories are falling around the world at a record pace and will continue to drop for months as the disruption to Middle East supplies from the Iran war intensifies, according to the International Energy Agency.

Global observed oil inventories declined at a rate of about 4 million barrels a day in March and April, according to a monthly report from the agency, which is co-ordinating the release of emergency fuel stocks by major economies like the US, Japan and Germany. The market will remain “severely undersupplied” until October even if the conflict ends next month, it said.