finance
IEA Chief Says Strait of Hormuz Closure Depletes Oil Inventories
Fatih Birol, chief of the International Energy Agency, said commercial oil inventories are being drawn down rapidly because of the closure of the Strait of Hormuz. He spoke at a Group of Seven finance leaders meeting in Paris on Monday.
May 18, 9:14 AM·1m read1 source
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Fatih Birol, chief of the International Energy Agency, said the closure of the Strait of Hormuz is causing a rapid depletion of commercial oil inventories. Birol made the comments at the Group of Seven finance leaders meeting in Paris on Monday. 5 million barrels of oil per day.
" The upcoming spring planting and summer travel seasons in the northern hemisphere are expected to increase demand for diesel, fertilizer, jet fuel, and gasoline. Birol noted a "perception gap in the markets between the physical markets and the financial markets" for oil.
-Iran war in late February.
The Iran conflict has disrupted Middle East oil production, pushing global oil supply below demand this year and reversing the IEA's earlier surplus forecast. In response, the IEA coordinated a record release of 400 million barrels from strategic reserves in March, with about 164 million barrels released as of May 8.
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