On 12 August, the International Energy Agency (IEA) warned that global oil reserves are rapidly running out as diplomatic efforts to restore the passage through the Strait of Hormuz drag on.
The agency reported that oil stocks fell by 2.2 million barrels per day last month, causing total global stocks to fall below the 7.9 billion barrel mark for the first time since early 2025.
It is now forecast that in the coming months the global oil balance will face a deficit of 1.8 million barrels per day – more than double the estimate made in July.
“Although the market is forecast to return to a surplus by the end of this year, the risks remain significant and the need for the immediate reopening of the Strait has increased,” the IEA noted.
This report comes against the backdrop of talks between Iran and Oman on establishing a safe route through the Strait of Hormuz, with Tehran stating that it will not fully open the waterway until the US meets its conditions – a demand that President Donald Trump has rejected.