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Global Oil Reserves Decline Rapidly, Raising Concerns Over Price Increases

KVIA•Wednesday, May 13, 2026 at 2:46 PM•CNN Newsource

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The International Energy Agency (IEA) has issued a warning about the rapid depletion of global oil reserves due to supply disruptions linked to the ongoing conflict in Iran. In its latest monthly report, the IEA noted that global oil inventories fell by 246 million barrels from March to April, now totaling 7.9 billion barrels. This decline is occurring as countries face unprecedented supply interruptions from the Middle East, particularly through the Strait of Hormuz, which has seen losses exceeding 1 billion barrels. The IEA forecasts that global oil demand will average 104 million barrels per day this year, down by 1.3 million barrels from earlier predictions, as both businesses and households cut back on consumption in response to soaring prices.

Key Details: • Global oil inventories decreased by 246 million barrels between March and April. • Current global oil reserves are at 7.9 billion barrels. • Estimated global oil demand for this year is 104 million barrels per day. • Significant reductions in petrochemical sector supply affecting essential products.

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International Energy Agency

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