Global oil inventories falling at record pace amid Iran war; US producer price inflation hits four-year high – as it happened

IEA warns that mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace

Global oil stocks are being run down at a record pace as supply losses mount due to the ongoing Iran war, the International Energy Agency has warned.

In its latest outlook report, the IEA reports that global oil inventories fell by 129 million barrels in March, and by a further 117 million barrels in April, as countries dipped into their reserves to cover the shortfall following the Middle East conflict.

More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace.

The petrochemical and aviation sectors are currently most affected, but higher prices, a weaker economic environment and demand-saving measures will increasingly impact fuel use.

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