IEA Warns Global Oil Stockpiles Hit Lowest Since 2025 as Hormuz Stays Shut
The International Energy Agency slashed its 2026 supply forecast and warned inventories have fallen by roughly 410 million barrels since the Iran war began, with 8.3 million barrels per day of Gulf output still shut in. With the Strait of Hormuz constrained and two ADNOC tankers attacked Thursday, the market faces a projected supply deficit that threatens a global inflation shock. Listen for what happens when stockpiles run out and whether reopening the strait is even possible.
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Global oil inventories have plummeted to levels not seen since December nineteen ninety.
The Strait of Hormuz closure halted thirty-seven tankers per day, cutting one-fifth of world crude.
Daily oil inventory drawdowns reached an unsustainable average of three point eight million barrels.
Crude prices surged twenty dollars per barrel, reaching ninety-two dollars as reserves hit thirty-five-year lows.
The global energy market faces a supply-demand deficit of six million barrels per day through twenty twenty-six.
Strategic reserve releases of four hundred million barrels have left the market without a traditional safety net.
- 01Intro1 min
- 02The Vanishing Reserve2 min
- 03The Hormuz Chokepoint2 min
- 04The Supply-Demand Deficit2 min
- 05The Inflationary Horizon2 min
- 06Outro1 min
- Oil Market Report - June 2026 – Analysis - IEA
- Oil Market Report - March 2026 – Analysis
- From supply shock to oil glut: IEA flags scale of demand destruction caused by Iran war
- Short-Term Energy Outlook
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