Oil stocks may hit critical levels before summer peak: IEA

Oil tanks

Global oil inventories could fall to critically low levels before peak summer demand if stock draws continue at the current pace, according to Toril Bosoni, Head of Oil Industry and Markets Division at the International Energy Agency (IEA).

 

Bosoni said inventories are continuing to decline as the summer season begins, Reuters reported.

 

She added that if the trend persists, global oil stocks could reach exceptionally low levels before the seasonal demand peak.

 

The warning comes amid growing concerns over tightening global supplies.

 

Earlier, Exxon Mobil said oil inventories could fall to very low levels in the coming weeks, potentially triggering a sharp rise in crude prices.

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