International Energy Agency head Fatih Birol warned that commercial oil inventories are rapidly depleting, with only a few weeks of supply remaining due to the Iran war and Strait of Hormuz closure. Strategic reserve releases have provided temporary relief, but demand is increasing with seasonal shifts. The agency previously forecast a surplus but now anticipates a significant shortfall this year.
The thing is that even if the war ended tomorrow, it’s going to be years before production ramps back up to prewar levels. So, the damage is already done. The only question now is how bad it gets.
How long until we get a battery powered cargo ship delivering solar panels?