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Posted on 05/18/2026 7:11:32 PM PDT by yesthatjallen
PARIS, May 18 (Reuters) - Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping.
Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves "are not endless".
The onset of the spring planting and summer travel seasons in the northern hemisphere will drain inventories more quickly as demand for diesel, fertilizer, jet fuel and gasoline increases, Birol added.
Asked about his comments in the G7 meeting, he said he described "a perception gap in the markets between the physical markets and the financial markets" for oil.
SNIP
(Excerpt) Read more at reuters.com ...
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Finally a solution to climate warming!
Aw shit, we’re all gonna die!
Is this related?
A systems analyst says shtf here in July because of oil shortages.
https://jacklawsonbooks.substack.com/p/the-pain-is-locked-in
And Trump drags his feet. I just don’t get it.
But, but, oil is
Eeeeeeeeeeeeevil.
Shouldn’t all of the Euroweenies be celebrating The End Of Oil?
We have plenty of oil. They can just buy it from us.
Ha haaaaaas! President Trump is the second coming of Captain Planet! In your face, Jane Fonda!
We need more refineries tho...right.
Don’t get too excited. Al Gore has just warned that the earth will freeze because global warming will eliminate the jet stream.
Yeah... Because the only places that produce oil have to ship it through the Straits of Hormuz.
When war propaganda meets ‘fear porn’.
Not everywhere. The West Coast is short of equilibrium in both production and refining capacity.
Harkens back to the Hussein Apparatchik Steven Chu - Secretary Of Energy for the Hussein/Biden Regime. Chu promoted “energy” policies to drastically raise the price of gasoline in America. His infamous quote: “Somehow,” Chu said in 2008,“we have to figure out how to boost the price of USA gasoline to the levels in Europe, which are $9 or $10 a gallon.”
While the current rise in price is temporary, they would still love to make it permanent. If a democRAT is in the Oval Office, gasoline at high prices is fighting climate change. With a Republican in the Oval Office, it is price gouging.
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