IEA: As global oil inventories decline at a record pace, oil prices may see further surge

BlockBeats News, May 13th, the International Energy Agency (IEA) warned on Wednesday that global oil inventories are declining at a record pace, and the ongoing turmoil caused by the Iran war could lead to further spikes in oil prices. In April, crude oil and refined product inventories are falling at a rate of nearly 4 million barrels per day—equivalent to the total consumption of the United Kingdom and Germany—potentially weakening countries' ability to cope with supply shocks.

The report stated: "Due to unprecedented interruptions in Middle Eastern oil supply, global oil inventories are declining at a record pace." "With ongoing disruptions, the buffer space is rapidly shrinking, which could foreshadow a surge in future prices." (FXStreet)