IEA: Global oil inventories are falling at a record pace, potentially leading to a further surge in oil prices

Odaily reported that the International Energy Agency (IEA) warned on Wednesday that global oil inventories are declining at a record pace, and the ongoing disruptions caused by the Iran conflict could lead to a further spike in oil prices. In April, crude oil and refined product inventories fell at a rate of nearly 4 million barrels per day — equivalent to the combined consumption of the UK and Germany — which could weaken countries' buffer capacity to cope with supply shocks. The report stated: "World oil inventories are falling at a record pace as importing countries face an unprecedented disruption of Middle Eastern oil supplies." "With continuous disruptions, the buffer is shrinking rapidly, which may signal a future price surge." (Jin Shi)