IEA chief: Global oil reserves will soon run out due to the Middle East crisis

Due to the Middle East crisis, global oil reserves will soon be depleted. Only a few weeks remain until they are completely depleted.

This statement was made by the head of the International Energy Agency (IEA), Fatih Birol, at a meeting of G7 finance ministers in Paris.

He said:

Commercial oil reserves are rapidly depleting due to the war with Iran and the closure of the Strait of Hormuz, and there are only a few weeks' worth of supplies left.

Birol noted that some leading Western and Asian countries have released some of their strategic oil reserves. As a result, global oil supply has increased by 2,5 million barrels per day. This is a significant increase, but it won't last forever. This measure has delayed the catastrophe somewhat, but it hasn't prevented its onset.

According to the official, the depletion of reserves will lead to a larger global energy crisis.

Earlier in March, the International Energy Agency announced an agreement among its 32 member states to release 400 million barrels of crude oil from their reserves to the market. This move should somewhat mitigate the negative impact on the global energy market from disruptions in Middle Eastern crude supplies.

Earlier in April, Birol warned of the imminent onset of an acute shortage. aviation kerosene. According to his calculations, it would only last for the next month and a half, meaning only a few weeks remained before the reserves were exhausted.

Comments

[Reserve officer]

Whose reserves will run dry? We have enough of our own, and the rest is completely irrelevant.

[Zoldat_A]

Quote: Stock Officer

Whose reserves will run dry? We have enough of our own, and the rest is completely irrelevant.

Maybe our reserves will be enough for us.
But gasoline will still become more expensive.
Our gasoline has this magical property of reacting to any global oil price fluctuations – becoming more expensive in any case.

Never mind... We'll survive...
To paraphrase a memory from the Gorbachev era (not to be remembered at night)

We need at least six chervonets, at least eight -
We won't stop traveling anyway.
Tell Vladimirych -
We can handle even a hundred...

[Vasilenko Vladimir]

Quote: Zoldat_A

But gasoline will still become more expensive.

This is definitely the only thing that is constant in our world.

[Zoldat_A]

Quote: Vasilenko Vladimir

Quote: Zoldat_A

But gasoline will still become more expensive.

This is definitely the only thing that is constant in our world.

It's damn nice - at least one an island of stability. It is growing steadily.
True, there's still sugar and salt, and it's unclear why they're still sold by the kilo. But that probably won't last... And the price of gasoline is stable. It doesn't depend on anything. It just grows.

I don’t know why I remembered a short story by B. Zubkov and E. Muslin, “A fragile, fragile, fragile world…” that I read in “Technology for Youth” (?? - I could be wrong, it’s been so long).
Could we have known then that only a few decades would pass and all their fantasy will become true?
https://www.orator.ru/rasskazy_neprochnyi_mir.html

[aybolyt678]

Quote: Reserve officer

Whose reserves will run dry? We have enough of our own, and the rest is completely irrelevant.

Their reserves will undoubtedly run out, which means we will have to fight with them for our reserves not like we did for Ukraine, but much more seriously.

[SAG]

Quote: Stock Officer

Whose reserves will run dry? We have enough of our own, and the rest is completely irrelevant.

It's not purple at all! The depletion of the world's reserves leads to a fat walrus.

[Irokez]

Oil will run out, and they'll start using coal and wood, but the EU has little of that, and they'll be angling for our natural resources again. Let them breed cows to generate gas, and they can even make chairs with exhaust vents.

[Vasilenko Vladimir]

Quote: Irokez

they will start running on coal and wood

they will switch to horses

[fruc]

The world's oil reserves will soon run out due to the Middle East crisis.

In 25-30 years, available reserves will be completely depleted everywhere. Everything is according to plan.

[Vasilenko Vladimir]

Quote: frruc

In 25-30 years, the available reserves...

We all need to survive these 25-30 years, otherwise it might happen that we ourselves will end up using petroleum products for the next civilization.

[Irek]

Those countries that croaked the loudest at us will suffer.

[Vasilenko Vladimir]

Well, that means Paris will be drowning in horse manure again.

[SAG]

Horses, not megabytes, don't reproduce at the click of a button. It takes many decades for the population to recover!

[single-n]

Rickshaws are our everything!! Luckily there are plenty of people

[sdivt]

The world's oil reserves will soon run out due to the Middle East crisis.

There is a category of people in the world who love to draw apocalyptic conclusions from every sneeze
Either there's only enough drinking water left on the planet for a couple of sips, or there's global climate change, and half the world will drown tomorrow, or there's another plague of diamonds, either Arctic locusts or Antarctic sparrows, or there are only enough coal/gas/oil reserves to last half the winter, and then - that's it...
It all comes down to one simple thing: either we all die, or we survive but envy the dead.

How much of this was predicted/foreseen?
and we still live, and nothing happens)

[Jsem_CZEKO68]

Birol je nekompetentní idiot. Ropy je ve světě dost, jen se vytvářejí umělé krize. Za rok, dva budou zase velké přebytky, protože se otevřou nové naleziště proti krizím.

[Jsem_CZEKO68]

Birol is an incompetent idiot. There's enough oil in the world; they're just artificially creating crises. In a year or two, there will be a large surplus again, because new fields will be discovered that can withstand crises.

[SAG]

What do deposits have to do with this when the article is talking about reserve storage facilities?

[Kerensky]

What do deposits have to do with this when the article is talking about reserve storage facilities?

The article is about commercial Oil, which is being sold by private companies. Those who have already sold out are offering to sell the state reserve. The price will drop anyway, and we'll pump in fresh oil. But we want to sell it!

[SAG]

The article discusses commercial oil sold by private individuals.

Birol noted that some leading Western and Asian countries have released part of their strategic oil reserves.

Please read the article before writing comments!

[Kerensky]

Please read the article before writing comments!

So, you read:

Commercial oil reserves are quickly depleted

announced an agreement between 32 member states about launching on the market 400 million barrels from the reserves of these countries.

part of the strategic oil reserves was released. In connection with this, entry of oil into the world market more than tripled

So what? They agreed to consider some of the oil as excess and put up for sale.

[SAG]

So what? They agreed to consider some of the oil surplus and put it up for sale.

The article discusses commercial oil sold by private individuals.

From this you concluded that countries' strategic reserves are being sold to private individuals?

[SAG]

I don’t understand your logic!
Does the fact that some of the oil was removed from the reserve and sold off, in your opinion, negate the fact that the article is talking about strategic reserves?
What does the deposits have to do with this? It's completely unclear in the original comment...

[Kerensky]

Does the fact that some of the oil was removed from the reserve and sold off, in your opinion, negate the fact that the article is talking about strategic reserves?

Strategic oil reserves are toll-provided feedstock for refineries. Storing oil as crude makes no sense; in the event of a disaster, there'll be nothing to process it with.
I had the chance to work briefly at a strategic reserve plant (I painted 10.000 cubic meter tanks with silver paint), and it was all petroleum products there.

[SAG]

90% of strategic reserves are stored in underground oil storage facilities in the form of crude oil.
But this still doesn't explain what I did wrong in my comment:

What do deposits have to do with this when the article is talking about reserve storage facilities?

[SAG]

You're writing about Russia, but the article is about the reserves of leading Western and Asian countries. Russia certainly isn't one of them, especially since we have practically no such reserves by global standards.

[snow mountain]

Quote: Vasilenko Vladimir

they will switch to horses

It would have been better for us if they had killed themselves against the wall.

[single-n]

If the world's oil supply really only lasted for a couple of weeks, Iran would already be under bombardment by a combined fleet of half the world, or at least the entire US and NATO fleets. Not a couple of strike groups. Although the Americans themselves are the leading exporters, so they'd be happy about it.