All articles tagged with #oil stockpiles
An oil spill from a sanctioned tanker carrying Russian crude has reached Oman’s Ras Madrakah coast and could spread to Masirah Island, underscoring environmental risk as the Strait of Hormuz remains largely closed in the US-Iran war. The International Energy Agency warns reopening is urgent due to rapid depletion of global oil stockpiles, with prices edging higher and Hormuz traffic well below pre-war levels.
The IEA says it is consulting with governments in Asia and Europe on releasing more oil from strategic stockpiles if necessary due to the Iran war, following a record 400 million-barrel drawdown; there is no fixed price trigger, and any additional release would aim to ease market pain rather than solve the crisis. Birol, on a world tour starting in Canberra, warns the Middle East crisis is severe, emphasizes the Strait of Hormuz as central to the energy squeeze, and notes possible demand-saving measures like lower speeds and work-from-home; Australia reports solid diesel stocks at about 30 days.