IEA’s oil industry and markets division head Toril Bosoni said global oil inventories are being drawn down into the summer, risking historically low levels just before peak demand.
Fuel demand typically peaks in the Northern Hemisphere summer as travel increases.
At the S&P Global Energy Middle East Petroleum and Gas Conference in London, Bosoni noted that reopening the Strait of Hormuz could take six to eight months even if an agreement is reached today.
An IEA‑coordinated emergency release of 400 million barrels was launched in March; about half of that volume has not yet reached the market.
Emergency stock releases are described as temporary stop‑gap measures and will not solve the supply deficit; demand‑side reductions are required.
