IEA: As global oil inventories decline at a record pace, oil prices may soar further

The International Energy Agency (IEA) warned on Wednesday that global oil inventories are declining at a record pace, and the ongoing turmoil caused by the Iran war could lead to further spikes in oil prices. In April, crude oil and refined product inventories fell by nearly 4 million barrels per day—equivalent to the combined consumption of the UK and Germany—potentially weakening countries' ability to cope with supply shocks.

The report stated: "As importing countries face unprecedented disruptions in Middle Eastern oil supplies, world oil inventories are declining at a record pace. With ongoing disruptions, the buffer space is rapidly shrinking, which could signal future price surges."