{"id":334250,"date":"2026-05-14T00:49:40","date_gmt":"2026-05-13T19:19:40","guid":{"rendered":"https:\/\/ebiztoday.news\/?p=334250"},"modified":"2026-05-14T00:49:40","modified_gmt":"2026-05-13T19:19:40","slug":"iran-war-depleting-global-oil-reserves-at-record-rate-iea-report-warns-national","status":"publish","type":"post","link":"https:\/\/ebiztoday.news\/index.php\/2026\/05\/14\/iran-war-depleting-global-oil-reserves-at-record-rate-iea-report-warns-national\/","title":{"rendered":"Iran war \u2018depleting\u2019 global oil reserves at \u2018record rate,\u2019 IEA report warns &#8211; National"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p>Global oil supply is \u201crapidly shrinking\u201d because the war in Iran and the closure of the Strait of Hormuz drag into the third month, a report by the International Energy Agency says.<\/p>\n<p>In April, global oil supply shrank by 1.8 million barrels a day, with the whole losses since February amounting to 12.8 million barrels of oil lost each day, the IEA\u2019s oil market report for May said.<\/p>\n<p>The lack of supply from the closure of the Strait of Hormuz is \u201cdepleting global oil inventories at a record pace,\u201d the report warned.<\/p>\n<p>The uncertainty and \u201cconflicting signals\u201d over whether or not the US and Iran will comply with a peace deal led to \u201cwild swings\u201d in benchmark oil prices in April, the report added.<\/p>\n<p>\u201cWith Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels,\u201d it said.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad c-ad--tallSticky\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>Nevertheless, this has coincided with other producers, like Canada, the US, Brazil, Kazakhstan, Venezuela and Russia, increasing crude oil exports, it added.<\/p>\n<div class=\"c-inlineSignup\" data-newsletter-inline=\"\">\n<div class=\"c-inlineSignup__image\">\n\t\t\t\t\t<img decoding=\"async\" width=\"170\" height=\"225\" loading=\"lazy\" src=\"https:\/\/globalnews.ca\/wp-content\/themes\/shaw-globalnews\/images\/skyline\/national.jpg\" alt=\"Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story.\">\n\t\t\t\t<\/div>\n<div class=\"c-inlineSignup__content\">\n<h2 class=\"c-inlineSignup__title\">Get breaking National news<\/h2>\n<p>Get breaking Canada news delivered to your inbox because it happens so you will not miss a trending story.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>The continued uncertainty has also hit oil demand, with Chinese, Japanese, Korean and Indian oil imports reducing sharply and \u201cend users\u201d also reducing their consumption of oil, the report says.<\/p>\n<p>Higher jet fuel costs have also meant that folks are flying a complete lot less, with aviation activity running \u201cbelow normal level.\u201d<\/p>\n<p>If a deal between Iran and the US were to be reached today, allowing the Strait of Hormuz to be opened for oil tanker traffic, the report predicts oil demand would swing back to growth by the third quarter \u2014 July, August and September \u2014 of this yr.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"tp_video\">\n<div class=\"c-video c-videoPlay \" data-iframe-receiver=\"\" data-autoplay=\"\" data-displayinline-featured=\"false\" data-displayinline-type=\"video\" data-displayinline-player-id=\"miniplayer_11844559_6a04cbe5cf9d1\" data-displayinline-video-id=\"11844559\" data-displayinline-ratio=\"16:9\" data-displayinline=\"https:\/\/globalnews.ca\/video\/embed\/11844559\/#autoplay&#038;stickyiframe=miniplayer_11844559_6a04cbe5cf9d1\" data-displayinline-sticky=\"true\" data-permutive-data=\"{\"content\":{\"name\":\"How expensive gas is affecting Canadians' summer travel plans\",\"type\":\"video\",\"sections\":[\"videos\",\"national\",\"canada\",\"economy\"],\"keywords\":[\"fuel-prices\",\"gas-prices\",\"oil-prices\",\"short-clip\",\"small-businesses\",\"summer-roadtripes\",\"summer-travel\",\"tourism\",\"travel\",\"travellers\",\"global-national\"],\"iab\":{\"categories\":[\"Business and Industrial\",\"Business and Industrial\/Energy and Utilities\",\"Business and Industrial\/Energy and Utilities\/Oil and Gas\"],\"tags\":[\"2026 Iran war\",\"2026 Strait of Hormuz crisis\",\"Anchor\",\"Aviation\",\"Bandar Abbas\",\"Barrel (unit)\",\"Benchmark (crude oil)\",\"Brazil\",\"Brent Crude\",\"Canada\",\"COVID-19 recession\",\"Demand\",\"Energy\",\"Export\",\"Fuel\",\"Gallon\",\"Import\",\"Indian Oil Corporation\",\"International Energy Agency\",\"Inventory\",\"Iran\",\"Jet fuel\",\"Kazakhstan\",\"Market risk\",\"Oil\",\"Oil and gas reserves and resource quantification\",\"Oil tanker\",\"Petroleum\",\"Price\",\"Price of oil\",\"Pump\",\"Recession\",\"Russia\",\"Strait of Hormuz\",\"U.S. Cellular\",\"United States\",\"Venezuela\",\"Volatility (finance)\"]}}}\">\n<div class=\"c-video__inner \">\n\t\t\t\t\t<span class=\"c-video__placeholder\"><br \/>\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-video__image\" alt=\"Click to play video: 'How expensive gas is affecting Canadians\u2019 summer travel plans'\" width=\"640\" height=\"360\" src=\"https:\/\/i0.wp.com\/media.globalnews.ca\/videostatic\/news\/zsbsku6l9s-1n2wk7qbiy\/260511-HEATHER.jpg?w=1040&#038;quality=70&#038;strip=all\" loading=\"lazy\" srcset=\"\" sizes=\"auto, \" data-sizes=\"(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px\"><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__overlay\"><\/p>\n<p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<time class=\"c-video__duration\">1:47<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__title\">How expensive gas is affecting Canadians\u2019 summer travel plans<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"c-tabs\">\n<p>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab c-tabs__tab--active\" type=\"button\">More on Economy<\/button><br \/>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab\" type=\"button\">More videos<\/button>\n\t\t<\/p>\n<\/p><\/div>\n<p>Nevertheless, the provision of oil \u201cwill likely be slower to recuperate.\u201d<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad c-ad--tallSticky\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>This may mean more price volatility, particularly ahead of the summer, when demand for energy is highest internationally.<\/p>\n<p>The value of Brent crude, the worldwide benchmark for the value of oil, was well above pre-war levels on Wednesday, around US$107 per barrel.<\/p>\n<p>A report published in March warned that if the Iran war drags on till June, oil prices could breach US$200 a barrel. That may translate to a price of $US7 per gallon for consumers on the pump.<\/p>\n<p>\u201cIf the Strait were to remain closed for an prolonged period, prices would wish to maneuver high enough to destroy an historically great amount of world oil demand,\u201d the report added.<\/p>\n<p>If war continues for 3 more months, \u201cthat may see talk quickly turn to global recession, because the world experiences a considerable market risk off.\u201d<\/p>\n<\/p><\/div>\n<div>\n<p>\n\t\t&#038;copy 2026 Global News, a division of Corus Entertainment Inc.\t<\/p>\n<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global oil supply is \u201crapidly shrinking\u201d because the war in Iran and the closure of the Strait of Hormuz drag into the third month, a report by the International Energy Agency says. In April, global oil supply shrank by 1.8 million barrels a day, with the whole losses since February amounting to 12.8 million barrels [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":334251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20691],"tags":[51680,3430,51681,15256,1903,2667,6229,971,2185,6406,571,7749],"class_list":["post-334250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-depleting","tag-global","tag-iea","tag-iran","tag-national","tag-oil","tag-rate","tag-record","tag-report","tag-reserves","tag-war","tag-warns"],"aioseo_notices":[{"message":"The permalink for this post just changed! 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