PARIS, May 18 (Xinhua) -- Commercial oil stocks are declining "rapidly", with several weeks of supplies left due to the consequences of the conflict in the Middle East, the International Energy Agency (IEA) Executive Director Fatih Birol said on Monday.
Birol made the remarks while attending a meeting of finance ministers from the Group of Seven (G7) in Paris.
According to French daily Le Figaro, Birol said the release of strategic reserves which was decided in March had provided around 2.5 million barrels per day, but warned that such reserves were "not unlimited".
Referring to commercial stocks, or crude oil inventories available for sale, Birol warned that "we still have several weeks left, but we must be aware of the fact that they are decreasing rapidly."
The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.
Mounting supply losses from the Strait of Hormuz are drawing down global oil inventories "at a record pace" and "further price volatility appears likely" ahead of the peak summer demand period, the IEA said in its latest Oil Market Report released on May 13. ■
