The International Energy Agency (IEA) reported that global oil reserves continue to decline at a record rate, even amidst a noticeable decrease in overall oil demand. According to the agency’s monthly report released on Wednesday, oil reserves in the countries belonging to the Organisation for Economic Co-operation and Development (OECD) reached their lowest level since 1990 in May. The IEA data indicated that the world reserves recorded for Iran during the period spanning May 12 to June 16 saw a depletion of 252 million barrels.
Furthermore, the countries within the OECD region alone drew down 163 million barrels from their stockpiles. The IEA attributed this draw on reserves to governments opening supplies to mitigate disruptions to oil flow originating from the Persian Gulf region due to ongoing conflict. Fathi Boroil, the head of the IEA, characterized the ramifications of the war in Iran as what he termed “the biggest energy crisis in history.” The Paris-based agency coordinated a total volume of 400 million barrels of oil during this reporting cycle.
The report highlights the significant pressure placed on strategic reserves across various countries due to geopolitical instability affecting global oil supplies.
Topics: #reserves #oil #countries
