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AFP News

IEA Warns On Plummeting Oil Stocks

IEA Oil International Energy Agency

Disruptions to maritime trade in the Red Sea has lengthened oil delivery distances and times, leading to a drop in stocks, according to the International Energy Agency (Credit: AFP)

The International Energy Agency warned Thursday of plummeting oil stocks even as global growth in demand loses momentum.

"Global observed oil stocks plummeted by about 60 mb (million barrels) in January, preliminary data indicate, with on-land inventories falling to their lowest level since at least 2016," the IEA said in its latest monthly oil market report.

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One subscription that gives you access to news from hundreds of sites

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