Jamaine Punzalan

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6. Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177915783712720260306-oil-price-hike-refueling-MT8.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6. Maria Tan, ABS-CBN News </span></span></span></div><p>Commercial oil stocks are falling &quot;very fast&quot; as Gulf supplies remain disrupted by the Middle East war, even with the release of strategic reserves by governments worldwide, the head of the International Energy Agency said Monday.</p><p>Fears of shortages are rising with the summer travel season approaching in the northern hemisphere. Airlines have warned of jet fuel scarcity in weeks if supply disruptions persist.</p><p>&quot;The commercial inventories are declining... I think it&#x27;s depleting very fast now,&quot; Fatih Birol told journalists as he arrived for a meeting of G7 finance ministers in Paris.</p><p>&quot;We have still several weeks but we should be aware of the fact that they&#x27;re declining rapidly,&quot; he said, warning that &quot;these are not endless&quot;.</p><p>Iran has effectively halted tanker traffic through the <a href="https://www.abs-cbn.com/news/world/2026/5/14/trump-xi-agreed-strait-of-hormuz-must-remain-open-white-house-1905?fbclid=">Strait of Hormuz</a> in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending prices soaring.</p><p>The IEA said this month that countries are tapping into oil inventories and their strategic reserves at a &quot;record pace&quot; as talks to end the war founder.</p><p>US President Donald Trump threatened Sunday that <a href="https://www.abs-cbn.com/news/world/2026/5/18/-clock-is-ticking-trump-issues-dire-warning-to-iran-to-accept-peace-deal-0817">&quot;the clock is ticking&quot;</a> and &quot;there won&#x27;t be anything left&quot; of Iran if no peace deal is reached amid a fragile truce.</p><p>The IEA has coordinated the release of 426 million barrels from emergency stocks by its 32 member countries, and said this month that around 164 million barrels have already been drawn.</p><div><a href="https://www.abs-cbn.com/news/business/2026/5/18/diesel-prices-seen-going-up-by-almost-p3-in-third-week-of-may-1034">Diesel prices going up by almost P3 in third week of May </a><br/><a href="https://www.abs-cbn.com/news/business/2026/5/19/ph-concerned-about-stagflation-as-oil-price-shock-effects-persist-marcos-1000">PH ‘concerned about stagflation’ as oil price shock effects persist—Marcos </a></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/I6d9HC0XXMI?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/NFpKObhWtX0?&amp;pp=0gcJCQQLAYcqIYzv&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Commercial oil stocks are falling "very fast" as Gulf supplies remain disrupted by the Middle East war, even with the release of strategic reserves by governments worldwide, the head of the International Energy Agency said Monday. </p>

Commercial oil stocks are falling "very fast" as Gulf supplies remain disrupted by the Middle East war, even with the release of strategic reserves by governments worldwide, the head of the International Energy Agency said Monday.

Oil stocks declining 'very fast', IEA chief warns

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Oil stocks declining 'very fast', IEA chief warns

Agence France-Presse

Published May 19, 2026 10:34 AM PHT

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