Environment and Energy

Global Oil Inventories Are Collapsing at Record Pace, IEA Warns

The International Energy Agency warns that the Strait of Hormuz crisis is triggering one of the most severe oil market disruptions in modern history. Global oil demand is forecast to decline by 420,000 barrels per day in 2026 to 104 million barrels per day, with the sharpest declines expected in the second quarter at 2.45 million barrels per day. Global oil inventories fell by 129 million barrels in March and 117 million barrels in April, while cumulative supply losses from Gulf producers exceed 1 billion barrels.