The IEA warned of the imminent depletion of commercial oil reserves in the world

Commercial oil reserves are steadily declining against the background of the Middle East conflict and the blockade of the Strait of Hormuz, their reserves will last "for several weeks," Fatih Birol, head of the International Energy Agency (IEA), said on May 18, his words are reported by Berliner Zeitung.

Commercial oil reserves are reserves of crude oil and petroleum products held by private companies, primarily refineries, oil companies, and traders for economic purposes. They differ from strategic reserves, which are managed by the governments of countries and stored in case of emergencies, the authors of the material specify.

"I think they are (commercial stocks. — Ed.) are shrinking very quickly. We are talking about several weeks, but we must understand that they are rapidly decreasing," Birol said.

He noted that the release of strategic oil reserves has allowed the market to expand by another 2.5 million barrels per day, but these reserves are also not inexhaustible.

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In mid-April, the head of the IEA warned that aviation gasoline could become scarce in Europe as early as May. Amid fuel shortages and soaring prices, German airline Lufthansa and Dutch airline KLM have already been forced to reduce the number of flights.