Iranian Oil Inventories Fall as Gulf Shipping Faces Disruptions

The International Energy Agency said commercial oil inventories worldwide are depleting rapidly because of the conflict involving Iran and the closure of the Strait of Hormuz. Only a few weeks of supply remain, according to the agency. Fatih Birol, head of the International Energy Agency, spoke to reporters during a Group of Seven finance leaders meeting in Paris.

5 million barrels of oil per day to the market, but noted these reserves are not endless. Birol added that the spring planting and summer travel seasons in the northern hemisphere will increase demand for diesel, fertilizer, jet fuel, and petrol, further draining inventories.

Commercial inventories would last several weeks but are declining rapidly, he said.

More than 20,000 seafarers are on around 1,500 commercial ships in the Gulf region and facing issues individually and collectively, maritime security analyst Martin Kelly said. Kelly, head of advisory at EOS Risk Group, told Al Jazeera that ships are running out of food and fuel, and in some cases fresh water levels are running dangerously low.

Food and water are being delivered to ships at anchor, but supplies cannot be scaled enough to meet the requirements of all ships trapped across the Gulf, Kelly added. The most obvious risk is that ships could be attacked by an Iranian missile or drone, he said.

Iran has been quite indiscriminate with its targeting of commercial shipping, which means there is no real pattern or common characteristics which would suggest a ship is more at risk than any other ship, Kelly stated.