by Emmitt Barry, Worthy News Washington D.C. Bureau Chief
(Worthy News) – The world’s backup oil supply is shrinking fast as the Iran war and the closure of the Strait of Hormuz disrupt global shipping, International Energy Agency chief Fatih Birol warned Monday.
Birol said commercial oil stockpiles may last only “several weeks” if the crisis continues. He said emergency oil reserves have helped add supply to the market, but warned those reserves will not last forever.
The warning comes as fuel demand is expected to rise with spring farming and summer travel, increasing the need for diesel, fertilizer, jet fuel and gasoline.
The IEA said global oil supplies are now expected to fall short of demand this year, a major shift from earlier forecasts that predicted enough oil on the market. The agency said world oil stockpiles fell by a record 246 million barrels in March and April.
The IEA has coordinated the largest emergency oil release in its history, with countries agreeing to release 400 million barrels. About 164 million barrels had been released by May 8.
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