IEA: Global oil inventories are declining at a record pace, which could lead to a further surge in oil prices

Odaily Planet Daily News The International Energy Agency (IEA) warned on Wednesday that global oil inventories are declining at a record pace, and the ongoing disruption caused by the Iran conflict could lead to a further surge in oil prices. In April, crude oil and refined product inventories declined 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: "As importing countries face an unprecedented disruption in Middle Eastern oil supply, global oil inventories are declining at a record pace." "Under continuous disruptions, the buffer space is rapidly shrinking, which could signal a future surge in prices." (Jin Shi)