PNN – The International Energy Agency pointed to the unprecedented speed of the decline in world oil reserves due to the closure of the Strait of Hormuz.
According to the report of Pakistan News Network, citing Reuters, the International Energy Agency announced that since February, the reduction in oil supply has reached 12.8 million barrels per day due to the closure of the Strait of Hormuz.
The agency added that oil supply will be less than demand in 2026 due to the war in Iran.
The International Energy Agency stressed that the world is using up its oil reserves at an unprecedented rate due to the effects of war in the region.
Earlier, Fatih Birol, Executive Director of the International Energy Agency, announced that the US-Israeli war against Iran has created the largest energy crisis in history.
He warned that if oil supply disruptions continue, the International Energy Agency will be ready to withdraw more from strategic reserves. According to Birol, member countries have so far released about 20 percent of existing reserves.