Global oil reserves deplete at record pace, IEA warns

Global oil reserves are being depleted at record pace, with the International Energy Agency warning that reserve depletions could reach 2.6 million barrels per day in 2024, a dramatic increase from pre-war estimates. Iran's control of the Strait of Hormuz and attacks on Middle Eastern and Russian refineries have further constrained global oil supply and refining capacity, leading to anticipated sharp increases in fuel prices.