IEA Warns Global Oil Inventories Are Falling At 'Record Pace' Amid Strait Of Hormuz Crisis

The IEA warns that global oil inventories are declining at a record pace due to the Strait of Hormuz closure and the resulting supply shortages. This is a consequence of the supply disruption caused by the Middle East crisis, and global oil demand is expected to outpace supply in 2026. Aramco CEO warned that the Strait of Hormuz blockade could cause long-term energy market disruption.