JAKARTA - The International Energy Agency (IEA) warns that reopening the Strait of Hormuz is becoming increasingly urgent as the world's oil reserves are rapidly reduced.
In its latest oil market report on Wednesday, August 12, the IEA said oil inventories fell by 2.2 million barrels per day last month, with global stocks falling below 7.9 billion barrels for the first time since April 2025.
Global oil balances are now expected to run a deficit of 1.8 million barrels per day in the third quarter, more than double the July forecast.
"Although the market is projected to return to a surplus by the end of this year, the risks remain large and the urgency to reopen the strait has increased, as the previously available buffer reserves are now rapidly depleting," the Paris-based organization said. reported by CNN.
Global oil demand is now forecast to fall by 1.6 million barrels per day this year - about 47% larger than the IEA's July projection - as supply constraints and higher fuel prices weigh on consumption levels.
Meanwhile, global oil supplies are expected to fall by 4.3 million barrels per day to 102 million barrels - a sharper decline than the July projection - due to reduced supplies from the Middle East and Russia.
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