Overview
- Fatih Birol, speaking Monday at the G7 finance meeting in Paris, said commercial inventories are shrinking fast with only several weeks left because the Iran conflict has curtailed shipping through the Strait of Hormuz.
- A record, IEA‑led release is adding about 2.5 million barrels per day, with 400 million barrels authorized and roughly 164 million already drawn by May 8.
- The IEA reported a record March–April draw of 246 million barrels from global observed stocks, underscoring how quickly the market is tightening.
- The agency has cut its outlook and now expects global supply to fall by around 3.9 million barrels per day across 2026, pointing to deeper deficits if disruptions persist.
- Flows through the Strait of Hormuz, the world’s key oil chokepoint, remain restricted, which strains refiners and pushes up fuel costs for drivers and airlines as summer travel approaches.