Choking on their oil....

Urgency of reopening Strait of Hormuz has grown as oil stocks fall, IEA warns

By Hanna Ziady

A reopening of the Strait of Hormuz is becoming more pressing, as the world burns through its oil stockpiles at a rapid clip, the International Energy Agency has warned.

Oil inventories plunged by 2.2 million barrels a day last month, with global stocks falling below 7.9 billion barrels for the first time since April 2025, the IEA said in its latest oil market report Wednesday. The global oil balance is now expected to show a deficit of 1.8 million barrels a day in the third quarter, more than double the estimate in July.

“Although the market is projected to return to surplus towards the end of this year, risks remain substantial and the urgency of reopening the Strait has increased, as previously available inventory buffers are rapidly depleting,” the Paris-based organization said.

Global oil demand is now forecast to decline by 1.6 million barrels a day this year, about 47% more than the IEA projected in July, as supply constraints and higher fuel prices weigh on consumption.

Meanwhile, global oil supply is forecast to fall by 4.3 million barrels a day, to 102 million barrels, a sharper fall than projected in July, due to losses from the Middle East and Russia.