Global oil inventories are plummeting at a record pace with the ongoing disruptions caused by the Iran war threatening further price spikes, the International Energy Agency warned on Wednesday.
Stockpiles of crude oil and refined fuel declined at a rate of almost 4mn barrels a day in April — the equivalent of more than the UK and Germany’s consumption combined — threatening to erode the buffer countries rely on to weather supply shocks.
“The world is drawing oil inventories at a record pace as importing countries confront unprecedented disruptions to Middle Eastern supplies,” the IEA said in its closely watched monthly report.
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