IEA Chief Warns Commercial Oil Inventories Are Falling Very Fast

Fatih Birol, executive director of the International Energy Agency, warns that commercial oil inventories are falling very fast, sparking concerns among ministers and central bankers at the G-7 finance meeting in Paris. The talks were meant to focus on global imbalances but were preoccupied by spiking yields driven by investor concerns about consumer prices. This warning comes amid discussions on the US budget deficit and China's weak consumption.