According to the International Energy Agency (IEA) on Wednesday, global oil inventories declined at a record pace in April amid ongoing Middle East supply disruptions related to Iran. Crude and refined oil stocks fell by nearly 4 million barrels daily in April—equivalent to the combined consumption of the UK and Germany—potentially weakening nations’ ability to buffer against supply shocks. The IEA stated that shrinking inventory buffers amid persistent disruptions could signal sharper price increases ahead.
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