Paris, May 13 -- Counties worldwide are now tapping into oil inventories and strategic reserves at a "record pace" due to the "unprecedented" supply disruptions caused by the ongoing Iran war, the International Energy Agency said today.
The agency's comments came as oil stocks dipped to a further 117 million barrels in April, after it had already sunk to 129 million barrels in March following the joint US-Israeli strikes against Iran.
"Rapidly shrinking buffers amid continued disruptions may herald future price spikes ahead," the IEA warned in its monthly report.
Oil prices have surged while supplies continue to dwindle, amid Tehran's powerful blockade of the vital Strait of Hormuz corridor in the Gulf, disrupting nearly 20 per cent of a...