What did IEA Executive Director Fatih Birol say about the pace of decline in commercial oil inventories?

"I think it is depleting very fast," he said, adding that it will be "several weeks, but we should be aware of the fact that it is declining rapidly."

According to Fatih Birol, what are the potential economic consequences of rising fertilizer and diesel prices at this time of year?

He warned that the spike in fertilizer and diesel prices—occurring at the start of the travel and planting season—"could have major implications for the food prices and together with the higher energy prices they might give a big push to inflation numbers."

ChemBrief

Topics Daily Digest Tags

IEA Chief Warns Commercial Oil Inventories Shrinking Rapidly

May 18, 2026

IEA Executive Director Fatih Birol warned that commercial oil inventories are depleting rapidly amid geopolitical tensions. He noted spikes in fertilizer and diesel prices could significantly impact food costs and inflation.

bloomberg

IEA chief warns commercial oil inventories are depleting rapidly, only weeks left

reuters

2026-04-22

IEA Declares World Facing Most Severe Energy Crisis Ever

2026-04-30

IEA Head Birol Reaffirms World Facing Biggest Energy Crisis in History

2026-05-07

Energy Markets Headed Into 'Troubled Waters' Amid Iran War, Head of IEA Says

2026-05-07

IEA Head Calls on Canada to Accelerate Energy Development Amid Supply Shock