Global Oil Reserves Decline By 246 Million Barrels Due To The War Against Iran

According to SAEDNEWS, the latest data published by two reputable international energy organizations, the International Energy Agency (IEA) and the U.S. Energy Information Administration (EIA), indicate that global crude oil inventories have been declining in recent months at a rate that not only appears unprecedented in historical trends, but is also accelerating and becoming increasingly alarming.

Sharp decline in the first two months

Based on direct observations by the IEA, global oil inventories fell by 129 million barrels in March, and this downward trend continued in April with almost similar intensity, with another 117 million barrels removed from global reserves. As a result, the total reduction in global oil storage during March and April reached 246 million barrels.

Increasing intensity of inventory decline

While IEA data covers the first two months, EIA estimates for oil inventory trends in the second quarter of 2026 show a more concerning picture. According to these estimates, the average rate of inventory decline has reached 8.5 million barrels per day. If extended over time, this equals 59.5 million barrels per week and about 255 million barrels per month.

Importantly, if this rate continues for just one more month, the monthly reduction (255 million barrels) would exceed the combined decline recorded in March and April (246 million barrels). This clearly shows that not only are oil inventories decreasing, but the pace of depletion is accelerating.

Oil reserves are not quickly recoverable

Unlike prices, which may fluctuate due to short-term news, physical oil inventories cannot be quickly replenished. Recovering 246 to 255 million barrels requires months of planning, increased production, coordination among producers, and a complex supply chain from extraction to storage facilities. Therefore, any sustained decline in inventories remains a physical risk to the market that cannot be easily neutralized by political developments.