{"id":441380,"date":"2026-05-14T13:37:10","date_gmt":"2026-05-14T13:37:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/441380\/"},"modified":"2026-05-14T13:37:10","modified_gmt":"2026-05-14T13:37:10","slug":"global-oil-reserves-deplete-at-record-pace-iea-warns","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/441380\/","title":{"rendered":"Global oil reserves deplete at record pace, IEA warns"},"content":{"rendered":"<p>Oil prices inched up on Thursday as the market anxiously awaited any encouraging signals from the US-China summit in Beijing, while new data indicated an unprecedented drawdown of global oil reserves. Tehran cemented its grip on the Strait of Hormuz; a few more tankers <a href=\"https:\/\/www.reuters.com\/business\/energy\/eneos-linked-crude-oil-tanker-crosses-strait-hormuz-lseg-data-shows-2026-05-14\/\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">managed to pass through<\/a> in the last few days, albeit only by either <a href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-pakistan-strike-energy-deals-with-iran-tehran-flexes-hormuz-control-2026-05-12\/?utm_source=cbnewsletter&amp;utm_medium=email&amp;utm_term=2026-05-13&amp;utm_campaign=Daily+Briefing+China+US+discuss+energy+India+fuel-saving+Trump+attacks+UK+s+windmilling+\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">negotiating in advance with Iran<\/a>, or by <a href=\"https:\/\/www.nytimes.com\/2026\/05\/12\/world\/middleeast\/strait-of-hormuz-conrol.html\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">shutting off their transponders<\/a> and racing through. But some empty Iranian tankers are returning to port to act as floating storage vessels, a sign that the US oil export blockade could soon meaningfully curtail Iranian crude production.<\/p>\n<p>The rest of the world, meanwhile, is <a href=\"https:\/\/www.ft.com\/content\/c5ac196f-d141-4710-ab54-4c50216ab900?syn-25a6b1a6=1\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">using up stored oil<\/a> at a \u201c<a href=\"https:\/\/www.iea.org\/reports\/oil-market-report-may-2026\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">record pace<\/a>,\u201d the International Energy Agency said; the US government reported that global reserve depletions for the full year <a href=\"https:\/\/www.wsj.com\/business\/energy-oil\/eia-sees-prolonged-war-in-iran-draining-global-oil-stocks-faster-than-expected-a6e6855c?mod=energy-oil_news_article_pos5\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">could reach up to 2.6 million barrels per day<\/a> on average, up from its pre-war estimate of 300,000. Much bigger price spikes are coming for gasoline, jet fuel, and other refined products: In addition to the shortfall of crude oil, attacks on refineries in the Middle East by Iran, and in Russia by Ukraine, have <a href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-pakistan-strike-energy-deals-with-iran-tehran-flexes-hormuz-control-2026-05-12\/?utm_source=cbnewsletter&amp;utm_medium=email&amp;utm_term=2026-05-13&amp;utm_campaign=Daily+Briefing+China+US+discuss+energy+India+fuel-saving+Trump+attacks+UK+s+windmilling+\" class=\"_linkEmbed_10lxo_29\" rel=\"noopener nofollow\" target=\"_blank\">knocked out about 9% of global refining capacity<\/a>.<\/p>\n<p><img src=\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/05\/a70cbfb46e249fb69c08fbdabfc887181065579c-1066x1084.png\"  alt=\"A chart showing the change in global oil reserves.\" width=\"740\" height=\"752\" decoding=\"async\" loading=\"lazy\" fetchpriority=\"high\" class=\"_imageEmbed_1jdgl_38 _fullContentArea_1jdgl_42\" style=\"max-width:100%;color:transparent\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices inched up on Thursday as the market anxiously awaited any encouraging signals from the US-China summit&hellip;\n","protected":false},"author":2,"featured_media":441381,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-441380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/441380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=441380"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/441380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/441381"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=441380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=441380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=441380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}