IEA chief warns commercial oil inventories are depleting rapidly, only weeks left

PARIS, May 18 (Reuters) - Fatih Birol, head of the International Energy Agency, said on Monday ​that commercial oil inventories were depleting rapidly with only a few weeks worth ‌left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves ​had added 2.5 million barrels of oil per day to the market, but ​said these reserves "are not endless". The onset of the spring planting and summer ⁠travel seasons in the northern...