Commercial Oil Inventories Depleting Rapidly With Only a Few Worth Left, IEA Head Says

IEA head Fatih Birol said there are only a few weeks left worth of oil as the Strait of Hormuz remains closed and global energy markets remain disrupted. (Credit: AFP)

Commercial oil inventories are being quickly depleted and there are only a few weeks worth left of them, International Energy Agency Fatih Birol warned.

Speaking to reporters in the sidelines of the G7 finance leaders meeting in Paris, Birol said the release of reserves has been adding 2.5 million barrels of oil per day to the market, but they "are not endless."