The trade depot (contained by the private sector) "is used only for a few weeks, and this figure is falling very fast", Fatih Birol said in a meeting of the G7 financial ministers in Paris (Lonta), May 18, May.
Birol said that before the US and Israel launched attacks on Iran at the end of February, the supply oil market was large and the trade depot was very high. However, the situation changed rapidly due to the war and the Hormuz Channel was blocked.
Birol states that the release of strategic oil reserves added 2.5 million barrels per day to the market. However, this reserves "is not infinite". As the Northern Hemisphere countries enter the spring crop and summer vacations, the storage will be reduced even faster, due to the demand for diesel, fertilizer, aircraft fuels, and increased gasoline.
Last week, the International Energy Agency (IEA) stated that this year's global supply of oil was lacking in demand. The Middle East conflict severely interrupted oil production operations in the area and archived at unprecedented speeds. Previously, IEA had previously predicted the supply market this year.
- An oil mining facility at Nolan (bang Texas, USA) in January 2010. Image: AFP*
According to IEA's latest report, the internationally observed oil reserves have declined at a record rate in March and 4, a total of 246 million barrels. 32 IEA member countries coordinated the supply of strategic reserves back in March, with 400 million barrels of oil to lower market heat. By May 8, they had released 164 million barrels.
The agency stated that the global supply of oil dropped about 3,9 million barrels per day of this year due to war. This level doubles their previous forecast was to reduce 1.5 million barrels a day.