Global oil stockpiles could fall to ‘critical levels’ by summer, IEA warns

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Global oil inventories risk declining to “critical levels” before the peak summer season – and the energy crisis could drag on for months even if a deal is agreed to end the US-Israel war on Iran, according to the International Energy Agency (IEA).While China’s crude reserves remain relatively resilient, its onshore volumes have also begun to fall, analysts said.“We’re seeing stock draws continuing into the summer, and with the possibility or the likelihood that we reach critical levels or...