Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly amid the Iran war and the closure of the Strait of Hormuz, and that those inventories only had a few weeks left.
Birol also said at the G7 meeting in Paris that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but that these reserves were not endless.