Global oil stocks are depleting at a record pace as supply losses mount

More than ten weeks after the war in the Middle East began, mounting supply losses stemming from disruptions to shipping through the Strait of Hormuz are depleting global oil inventories at a record pace, according to IEA's latest monthly Oil Market Report.

With tanker flows through Hormuz still heavily restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels, with more than 14 million barrels per day of oil now shut in – an unprecedented supply shock.

Saudi Arabia and the United Arab Emirates have successfully redirected some exports to terminals loading outside of the strait. Producers outside of the Middle East have also pushed output higher and lifted exports to record levels in response to the crisis while the historic emergency oil stock release by IEA Member countries has provided an additional buffer to markets. Even so, observed global inventories, including oil on water, were drawn down by 250 million barrels over March and April, or by 4 million barrels per day.

Against this backdrop, global oil demand is now forecast to contract by 420,000 barrels per day in 2026. This is 1.3 million barrels per day below our pre-conflict forecast for global demand. For now, the steepest losses are concentrated in the petrochemical sector, where feedstock availability is becoming increasingly constrained. Aviation activity is also running well below normal levels. The report sees higher prices, a deteriorating economic environment and demand-saving measures further weighing on global oil consumption in the months ahead.

Executive Director meets with leaders of Canada and Austria as energy crisis unfolds

As the energy crisis continues to unfold, our Executive Director Fatih Birol remains in close contact with leaders from energy-producing and consuming countries around the world.

Earlier this month, Dr Birol travelled to Canada where he met with Prime Minister Mark Carney and other senior government figures to discuss the crisis and Canada’s contributions to international energy security. Prime Minister Carney and Dr Birol spoke about the implications of the Middle East conflict for global supplies of oil, natural gas and other important commodities – as well as the steps Canada is taking to ensure it can meet rising energy demand at home and across its growing number of export markets.

While in Ottawa, Dr Birol participated in a fireside chat with Minister of Energy and Natural Resources Tim Hodgson at the Canadian Chamber of Commerce. He then travelled to Toronto for additional meetings, including with Canada’s Minister of Finance François-Philippe Champagne. Learn more in our news article.

Dr Birol travelled to Vienna last week where he met with Chancellor Christian Stocker of Austria. They discussed recent developments in European and global energy markets, as well as the IEA's support for countries as they navigate today's energy challenges. Dr Birol also met with Austria's State Secretary for Energy Elisabeth Zehetner to launch our latest review of Austria's energy policies.

In Vienna, Dr Birol also visited OPEC Secretary General Haitham Al Ghais at OPEC headquarters. They spoke about the latest developments in energy markets amid the war in the Middle East and the importance of dialogue and exchange to support energy security.

We also recently convened Ambassadors from countries across Africa, the Americas, Asia-Pacific, Europe and the Middle East to discuss the war's energy market impacts.

Nigeria makes formal request to join IEA; Executive Director and UAE Minister discuss institutional ties

The government of Nigeria has made a formal request to join the IEA Family as an associate member country – a significant step from a major energy producer and Africa's most populous country. The request came in a letter to our Executive Director from Nigeria’s Minister of State for Petroleum Resources Ekperikpe Ekpo.

Separately, Dr Birol held a bilateral meeting last week with the United Arab Emirates’ Minister of Industry and Advanced Technology Sultan Al Jaber in which they spoke about avenues for establishing institutional ties between the UAE and the IEA in support of global energy security and sustainability.

The IEA Family continues to grow, reflecting the Agency’s central role in international energy governance. At our Ministerial Meeting in February, IEA Ministers unanimously agreed for Colombia to become the Agency's 33rd Member country and invited Brazil to begin the process of becoming a full Member. Viet Nam also joined the IEA Family as an Association country.

Energy crisis threatens world's most vulnerable as cooking fuel shortages grow

Households in some emerging and developing economies are facing a particularly stark challenge from the current energy crisis: whether they can secure enough fuel simply to cook a meal.

In a new commentary, IEA's analysts examine how the crisis is affecting global supplies of liquefied petroleum gas, or LPG – the world's most widely used cooking fuel. Around 3.4 billion people across the developing world use LPG as their primary source of energy for cooking. As of 2025, 30% of all seaborne LPG exports went through the Strait of Hormuz. In March, as shipping flows through the strait dwindled to a trickle amid the Middle East conflict, LPG exports plunged from an average of 1.5 million barrels per day in 2025 to just 300,000 barrels per day.

India’s LPG imports have been particularly affected, dropping by more than half over the first two months of the conflict. Meanwhile, skyrocketing LPG prices threaten access to cooking fuel around the world – and risk stalling recent progress on expanding clean cooking access in sub-Saharan Africa.

To both safeguard existing access amid the current crisis and continue to bring clean cooking solutions to households who lack them, the IEA will co-host a second Summit on Clean Cooking in Africa in Nairobi on 9-10 July 2026. The Summit will be co-chaired by President William Ruto of Kenya, US Secretary of Energy Chris Wright, Norway's Minister of International Development Åsmund Grøver Aukrust and IEA Executive Director Fatih Birol.

Tackling methane emissions would strengthen energy security amid current crisis

IEA's Global Methane Tracker 2026 presents our latest estimates for methane emissions from the energy sector, underscoring the potential for action on methane to improve global gas market security.

Based on recent satellite data and measurement campaigns, the report finds that while methane reduction commitments from countries and companies now cover over half of global oil and gas production, a large implementation gap remains – with methane emissions from the energy sector staying near record highs in 2025. The report was launched this month at a high-level event on methane action convened by France’s G7 Presidency in Paris.

Amid the current energy crisis, tackling methane could help countries improve gas market security, the report shows. If countries with spare existing gas export capacity and importing countries were to implement readily accessible methane abatement measures across their gas systems, nearly 15 billion cubic metres of gas could very quickly be made available to markets. Enacting tried-and-tested abatement measures over the longer term could make 200 billion cubic metres of natural gas available annually.

New podcast episode explores evolving relationship between energy and AI

The latest episode of IEA's Everything Energy podcast examines what the complex and critical relationship between energy and artificial intelligence looks like in 2026 and how it could continue to develop in the years ahead.

Now available on Apple Podcasts and Spotify, the episode features a conversation with Siddharth Singh and Thomas Spencer, the lead authors of a new IEA report on the subject. Drawing on the latest data and analysis, they talk about what has changed since they appeared on the podcast to discuss energy and AI a year ago. This ranges from developments in AI technology and how it is used, to the range of physical bottlenecks, including for energy, now constraining AI’s expansion and sparking a scramble for solutions.

The Everything Energy podcast offers perspectives on a wide range of leading global energy issues. In recent episodes, IEA experts have explored several dimensions of the current energy crisis stemming from the war in the Middle East, including 10 measures that could help shelter consumers from the effects of higher oil prices, how the crisis is rippling across Southeast Asia and the growing disruptions to oil markets.

KeyFacts Energy Industry Directory: International Energy Agency