By 117 million barrels… a decrease in global oil inventories in April
Confirmed The International Energy Agency said that countries are depleting their oil stocks and strategic reserves at a record pace, as a result of the unrest in Suppliesresulting from the war between the United States and Iran.
The agency explained in its monthly report that global inventories decreased by an additional 117 million barrels in April, after a decrease of 129 million barrels in March.
The agency warned that the rapid shrinkage of inventories in light of the continuing unrest; It portends sharp rises in prices in the future, noting that the pace of offering emergency stocks accelerated in April, with additional quantities expected to reach the market in the coming months.
The agency expects global demand to decline by 2.4 million barrels per day in the second quarter, down from its previous forecast of 3.5 million barrels per day.
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