The head of the International Energy Agency, Fatih Birol, has warned that global commercial oil inventories are declining rapidly as disruptions to Gulf energy supplies continue because of the Middle East conflict.
Speaking on Monday ahead of a meeting of G7 finance ministers in Paris, Birol said governments worldwide were already releasing strategic reserves, but warned that available stockpiles were not unlimited.
“The commercial inventories are declining… I think it’s depleting very fast now,” he said.
He added that while the world still had “several weeks” before the situation became critical, authorities needed to recognise that reserves “are not endless.”
Concerns over global fuel shortages have intensified as the northern hemisphere enters the summer travel season, with airlines warning that jet fuel scarcity could emerge within weeks if supply routes remain disrupted.
The crisis follows intensified tensions involving Iran, which has effectively halted tanker movement through the Strait of Hormuz after US and Israeli military strikes launched in late February.
The disruption has affected global oil and gas shipments and pushed energy prices sharply higher.
According to the IEA, member countries have coordinated the release of 426 million barrels from emergency reserves, with about 164 million barrels already withdrawn to stabilise markets.
Meanwhile, Donald Trump warned on Sunday that “the clock is ticking” on efforts to secure a peace agreement with Iran, amid continuing instability in the region.