The International Energy Agency (IEA) has warned that oil stockpiles are rapidly depleting. The IEA explained in a new report that observed stocks had fallen below 7.9bn barrels for the first time since April 2025.
“Although the market is projected to return to surplus towards the end of this year, risks remain substantial and the urgency of reopening the strait of Hormuz has increased, as previously available inventory buffers are rapidly depleting.”
