International Energy Agency warns oil inventories could fall to critical levels

International Energy Agency official Toril Bosoni warned that global oil inventories could reach historically low levels before the peak summer demand season if current stock drawdowns continue. Speaking at the Middle East Oil & Gas Conference organized by S&P Global in London, Bosoni said: “We are seeing stock drawdowns continue into the summer, with the possibility or likelihood that we will reach critical or historically low levels just before the peak summer demand period.” According to Bosoni, the reopening of the Strait of Hormuz could take between six and eight months even if a political agreement were reached immediately. She explained that this scenario could eventually require additional coordinated releases from strategic emergency reserves overseen by the International Energy Agency. […]