Global energy watchdog warns oil stockpiles ‘rapidly depleting’ – business live
Summary
The International Energy Agency (IEA) reported that global oil reserves have dropped below 7.9 billion barrels, the lowest since April 2025. This decline increases pressure to reopen key shipping routes like the Strait of Hormuz, as oil supply forecasts for 2026 have been reduced due to ongoing conflicts affecting production in the Middle East and Russia.Key Facts
- The IEA says oil stockpiles are quickly running out and fell below 7.9 billion barrels recently.
- Oil prices swung widely in July, from about $70 to $105 per barrel, due to changes in the Iran-US conflict.
- The IEA cut its global oil supply forecast for 2026, expecting a drop of 4.3 million barrels per day.
- Growth in oil production in the Americas will not fully make up for losses in the Middle East and Russia.
- The IEA stresses the need to reopen the Strait of Hormuz and ensure free passage through the Bab el-Mandeb Strait.
- OPEC lowered its forecast for 2024 world oil demand growth for the fourth month in a row, now expecting an increase of 580,000 barrels per day.
- The UK’s energy grid operator canceled an electricity shortage warning for an upcoming solar eclipse day after securing enough power offers.
- Balfour Beatty raised its profit outlook due to increased spending on UK infrastructure and US data centers, despite contract renegotiations on a railway project.
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