Loading ...Iran war ‘depleting’ global oil reserves at ‘record rate,’ IEA report warns – Global News
Global oil supply is “rapidly shrinking” as the war in Iran and the closure of the Strait of Hormuz drag into the third month, a report by the International Energy Agency says.
In April, global oil supply shrank by 1.8 million barrels a day, with the total losses since February amounting to 12.8 million barrels of oil lost every day, the IEA’s oil market report for May said.
The price of Brent crude, the global benchmark for the price of oil, was well above pre-war levels on Wednesday, around US$107 per barrel.