Business EconomyPosted at: May 13 2026 10:50PM


Countries tapping into oil inventories, strategic reserves at 'record pace': IEA

Paris, May 13 (UNI) Counties worldwide are now tapping into oil inventories and strategic reserves at a "record pace" due to the "unprecedented" supply disruptions caused by the ongoing Iran war, the International Energy Agency said today.
The agency's comments came as oil stocks dipped to a further 117 million barrels in April, after it had already sunk to 129 million barrels in March following the joint US-Israeli strikes against Iran.
"Rapidly shrinking buffers amid continued disruptions may herald future price spikes ahead," the IEA warned in its monthly report.
Oil prices have surged while supplies continue to dwindle, amid Tehran's powerful blockade of the vital Strait of Hormuz corridor in the Gulf, disrupting nearly 20 per cent of all global oil and gas exports, leading to skyrocketing prices, energy shortages, and forcing nations to ration as they scramble for alternative supply options.
The IEA said in March that it would provide global markets with 400 million barrels from the emergency stocks of IEA members, of which around 164 million barrels have already been drawn.
"The pace of emergency stock releases picked up pace in April, with further volumes set to hit the market in the coming months," the agency added.
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Tags: #Countries tapping into oil inventories# strategic reserves at 'record pace': IEA
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