Oil stocks are shrinking rapidly: warning of a fuel shortage in the summer

“Global oil reserves are currently being depleted at an unprecedented pace to compensate for the massive loss of supplies through the Strait of Hormuz,” the organizations said in Washington on Friday.

If oil shipments do not return to normal quickly, there will be risks to fuel security and the entire economy. The United States is currently negotiating a preliminary agreement with Iran that, according to the United States, will open the Strait of Hormuz without charging shipping fees.

The Iranian Fars news agency, however, denied that such a clause existed.

A large portion of the world’s oil and liquid natural gas trade typically passes through the strait. Iran has largely blocked the waterway since the war began at the end of February. Since the end of April, Tehran says it has been charging a fee if tankers want to safely pass through the Strait of Hormuz.