Business EconomyPosted at: May 13 2026 7:03PM


Global oil reserves see massive reduction amid Strait of Hormuz disruptions; threaten future price surges – International Energy Agency

Paris, May 13 (UNI) Global oil reserves are shrinking rapidly due to the disruptions caused by the ongoing US-Israel war against Iran, as well as posing the threat of further oil price surges in the near future, the International Energy Agency (IEA) has warned.
"The world is drawing oil inventories at a record pace as importing countries confront unprecedented disruptions to Middle Eastern supply," the IEA said in its monthly oil market report released today.
"Rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead," reports CNN.
As per the report's findings, worldwide oil stockpiles took a huge dip from their pre-war levels, plunging by 246 million barrels between March and April to just 7.9 billion barrels, as the daily drawdowns from worldwide oil inventories in April were roughly equivalent to the combined daily consumption of Canada and the UK, the report shows.
Mounting supply losses from the Strait of Hormuz post the Iranian blockade, now in excess of 1 billion barrels, have led the global oil demand to crash dramatically, as businesses and households cut consumption in response to the massive swelling of prices and constrained supplies.
The "steepest losses" are in the petrochemical sector, where there is less oil and natural gas to make crucial goods such as plastics, fertilizers and pharmaceuticals, as per IEA data.
Aviation sector has also taken a heavy hit, as the total number of flights taking off worldwide "is also running well below normal levels, helping to ease some of the pressure on jet fuel prices, which nearly tripled after Middle Eastern exports were cut off," the agency added.
"Escalating demand destruction is underpinned by a surge in oil prices since the start of the war."
The IEA now sees world oil demand at 104 million barrels per day this year, 1.3 million barrels-a-day less than its pre-war forecast.
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