IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock

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Energy watchdog says inventories are draining as Iran war grips supply lines The West’s international energy watchdog warned that oil stockpiles were being drained at a record rate last month as the ...

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In a detailed report on the global market, the International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April.It said: “More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace … Observed global inventories, including oil on water, were drawn down by 250m barrels over March and April, or 4m barrels per day.”The war has, in effect, closed the Strait of Hormuz thorough which tankers usually carry around a fifth of the world’s seaborne crude. The fragile ceasefire has not significantly boosted traffic.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WTIU":"MICROSECTORS ENERGY 3X LEVERAGED ETN","DRLL":"Strive U.S. Energy ETF","PXJ":"Invesco Oil & Gas Services ETF","XLE":"SPDR能源指数ETF","DBE":"能源商品ETF-PowerShares","BK4585":"ETF&股票定投概念","USO":"美国原油ETF","DIG":"二倍做多美国油气指数","DUG":"二倍做空石油与天然气ETF(ProShares)","USOI":"ETRACS Crude Oil Shares Covered Call ETN","ERX":"二倍做多能源ETF-Direxion","USE":"USCF Energy Commodity Strategy Absolute Return Fund","USL":"United States 12 Month Oil Fund LP","IEA":"Infrastructure and Energy Alternatives, Inc.","IEO":"iShares Dow Jones U.S. Oil & Gas","BNO":"美国布伦特原油基金有限合伙企业","OIH":"石油服务ETF","SCO":"二倍做空彭博原油指数ETF","BWET":"BREAKWAVE TANKER SHIPPING ETF","XOP":"油气开采指数ETF-SPDR S&P","UGA":"United States Gasoline Fund LP","UCO":"二倍做多彭博原油ETF","BK4129":"建筑与工程","OILK":"ProShares K-1 Free Crude Oil ETF","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. 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The fragile ceasefire has not significantly boosted traffic.\n\n‘Unprecedented supply shock’The IEA labelled it “an unprecedented supply shock”, and put some stark numbers on the impact: “With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1bn barrels with more than 14 mb/d of oil now shut in.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“Global oil supply declined by a further 1.8m b/d in April to 95.1m b/d, taking total losses since February to 12.8m b/d.”It said that “the petrochemical and aviation sectors are currently most affected” and pointed to price spikes ahead, as well as a “plunge” in “refinery crude throughputs” by 4.5m b/d” in the second quarter","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635786327","isCrawlerRequest":true}