“Oil Stocks Are Vanishing Fast,” Warns IEA Chief as Gulf Disruption Bites.

The world’s commercial oil reserves are shrinking at an alarming rate, according to the head of the International Energy Agency (IEA). Despite governments around the globe releasing millions of barrels from their emergency stockpiles, the ongoing conflict in the Middle East continues to choke off supplies from the Gulf region.

Speaking to journalists on Monday as he arrived at a meeting of G7 finance ministers in Paris, IEA Executive Director Fatih Birol painted a worrying picture. “Commercial inventories are declining… I think it’s depleting very fast now,” he said. While he noted that supplies could still last several more weeks, he stressed that these reserves are not limitless. “We should be aware of the fact that they’re declining rapidly. These are not endless,” Birol warned.

The disruption stems from Iran’s effective blockade of the Strait of Hormuz, a narrow but crucial waterway through which a large chunk of the world’s oil passes. In retaliation for US and Israeli strikes launched in late February, Iran has halted tanker traffic, choking off both oil and natural gas flows and sending energy prices soaring.

The timing couldn’t be worse. The northern hemisphere is heading into the summer travel season, and airlines are already warning of jet fuel shortages within weeks if the disruption persists. Fears of pump-price spikes and broader economic jitters are growing among G7 finance ministers.

Birol’s warning comes as diplomatic efforts to end the war remain stuck. The IEA recently revealed that its 32 member countries are tapping emergency stocks at a “record pace.” So far, around 164 million barrels have been drawn from a coordinated release of 426 million barrels.

Meanwhile, US President Donald Trump issued a fresh threat to Iran on Sunday. With a fragile truce barely holding, Trump said “the clock is ticking” and warned that if no peace deal is reached, “there won’t be anything left” of Iran.

For now, the world is living on borrowed oil. As Birol put it, the stocks are falling “very fast” and once they’re gone, there’s no easy replacement in sight.