Paris, May 13 -- Global oil reserves are shrinking rapidly due to the disruptions caused by the ongoing US-Israel war against Iran, as well as posing the threat of further oil price surges in the near future, the International Energy Agency (IEA) has warned.
"The world is drawing oil inventories at a record pace as importing countries confront unprecedented disruptions to Middle Eastern supply," the IEA said in its monthly oil market report released today.
"Rapidly shrinking buffers amid continued disruptions, may herald future price spikes ahead," reports CNN.
As per the report's findings, worldwide oil stockpiles took a huge dip from their pre-war levels, plunging by 246 million barrels between March and April to just 7.9 billion barre...