Tuesday May 19, 2026
Tuesday May 19, 2026
Tuesday, 19 May 2026 02:09 - - {{hitsCtrl.values.hits}}
The International Energy Agency (IEA) yesterday warned that global commercial oil inventories are declining rapidly as supply disruptions linked to the Middle East conflict continue to strain energy markets despite coordinated releases from strategic reserves.
IEA Executive Director Fatih Birol said commercial oil inventories were “depleting very fast” as Gulf supplies remained constrained amid the continuing conflict involving Iran, Israel, and the US.
“The commercial inventories are declining. I think it’s depleting very fast now,” Birol told reporters on arrival for a meeting of Group of Seven (G7) Finance Ministers in Paris.
“We have still several weeks but we should be aware of the fact that they’re declining rapidly,” he said, warning that emergency reserves “are not endless.”
Concerns over fuel shortages have intensified ahead of the northern hemisphere summer travel season, with airlines warning that persistent supply disruptions could lead to jet fuel shortages within weeks.
Iran has effectively halted tanker traffic through the Strait of Hormuz following retaliatory measures linked to US and Israeli strikes launched in late February, disrupting a key global oil and gas shipping route and pushing prices sharply higher.
The IEA said countries are drawing down inventories and emergency reserves at a record pace as diplomatic efforts to end the conflict remain stalled.
According to the agency, its 32 member countries have coordinated the release of 426 million barrels from emergency reserves, with around 164 million barrels already drawn down.
Meanwhile, US President Donald Trump warned on Sunday that “the clock is ticking” and that “there won’t be anything left” of Iran if a peace agreement is not reached amid the fragile truce efforts.
