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Oil stocks drain at record pace, as IEA warns of renewed price swings

EuroNews · · 575 words · By Doloresz Katanich
Global Energy Market Stability IEA Economic Forecasting Geopolitical Conflict Impact
open_in_new Read the original article: https://www.euronews.com/business/2026/05/13/oil-stocks-drain-at-record-pace-as-…

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Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

14 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

info Single Source 4
schedule Pending 4
check_circle Corroborated 3
help Insufficient Evidence 2
cancel Disputed 1
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“global oil inventories are being depleted at a record pace as disruption to flows through the Strait of Hormuz continues to tighten supplies, the International Energy Agency (IEA) said on Wednesday”
CORROBORATED
Multiple independent sources confirm that the IEA stated global oil inventories are being depleted at a record pace due to disruptions in the Strait of Hormuz.
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web search NEUTRAL — The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market - including detailed statistics and commentary on o…
https://www.iea.org/reports/oil-market-report-april-2026
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web search NEUTRAL — Global oil inventories are being depleted at a record pace as the war in the Middle East and disruption to flows through the Strait of Hormuz continue to reshape the oil market, the International Ener…
https://www.arabianbusiness.com/business/energy/iea-warns-gl…
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web search NEUTRAL — The world has burned through oil inventories at a record speed as the Iran war throttles flows from the Persian Gulf, eating into the very buffer that protects against supply shocks.
https://fortune.com/2026/05/09/iran-war-is-global-oil-stockp…
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“global oil stockpiles fell by 129 million barrels in March and by a further 117 million barrels in April following US and Israeli strikes on Iran and the subsequent disruption to Gulf exports”
DISPUTED
The claim specifies total drops of 129m and 117m barrels for March and April. However, evidence from Fortune, Bloomberg, and Daily Telegraph NZ cites Morgan Stanley data stating stockpiles fell by 'about 4.8 million barrels a day' between March 1 and April 25, which is a different metric and scale than the specific monthly totals claimed.
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web search NEUTRAL — Morgan Stanley estimates global oil stockpiles dropped by about 4.8 million barrels a day between March 1 and April 25.
https://fortune.com/2026/05/09/iran-war-is-global-oil-stockp…
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web search NEUTRAL — The Saturday report by Bloomberg said that global oil supplies had fallen by 4.8 million barrels between March 1 and April 25, citing data from Morgan Stanley and other notable banks and providing com…
https://www.presstv.ir/Detail/2026/05/09/768332/Global-oil-s…
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web search NEUTRAL — The outlet cited data from Morgan Stanley on Saturday showing that global oil stockpiles fell by about 4.8 million barrels per day between March 1 and April 25.
https://dailytelegraph.co.nz/news/world-oil-reserves-drain-a…
info
“The sharpest declines were recorded in OECD countries, where on-land inventories dropped by 146 million barrels.”
SINGLE SOURCE
The web search results for this claim returned irrelevant information about running shoes and dictionary definitions of the word 'on'. No relevant data regarding OECD oil inventories was found.
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web search NEUTRAL — Born in the Swiss Alps, On running shoes feature the first patented cushioning system which is activated only when you need it - during the landing.
https://www.on.com/en-us/
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web search NEUTRAL — Search our dealor locator to buy On running shoes & apparel at a store near you. Or buy directly online 24/7 with free shipping & returns.
https://customer-service.on-running.com/en-us/dealers/
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web search NEUTRAL — pronunciation note: The preposition is pronounced (ɒn ). The adverb and the adjective are pronounced (ɒn ). In addition to the uses shown below, on is used after some verbs, nouns, and adjectives in o…
https://www.collinsdictionary.com/dictionary/english/on
info
“Visible stocks in non-OECD economies fell by 24 million barrels.”
SINGLE SOURCE
The web search results for this claim returned irrelevant information about a mobile phone service provider called 'Visible'. No relevant data regarding non-OECD oil stocks was found.
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web search NEUTRAL — Jump into a Visible Inner Circle with your friends or family and save $5/mo on our premium plans if your Circle has 2+ members.
https://www.visible.com/
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web search NEUTRAL — Mar 26, 2026 · In this review, I’ll explain Visible’s plans, pricing, network coverage, activation process, data speeds and customer service. You’ll also learn how to get started and whether Visible i…
https://clark.com/cell-phones/visible-review/
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web search NEUTRAL — Apr 1, 2025 · Visible is the first all-digital wireless service in the US, offering unlimited data, messages, minutes, and hotspot, powered by Verizon, 5G included.
https://www.verizon.com/about/news/visible-unveils-new-visib…
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“cumulative crude supply losses from Gulf producers have now exceeded one billion barrels”
CORROBORATED
Multiple sources confirm that cumulative crude supply losses from Gulf producers have reached or exceeded one billion barrels, including a direct quote from the Saudi Aramco CEO.
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web search NEUTRAL — Running out of barrels: cumulative oil losses reach 782 Mbbls, closing in on 1000 Mbbls by late May. Cumulative crude and condensate supply losses in the Middle East have reached 782 Mbbls as of 8 May…
https://www.kpler.com/blog/running-out-of-barrels-cumulative…
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web search NEUTRAL — Supply losses are estimated at at least 10% of global flows tied to the Gulf, with little sign of recovery as the blockade stretches into its ninth week. Under normal conditions, the Strait of Hormuz …
https://www.worldoil.com/news/2026/4/26/billion-barrel-hormu…
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web search NEUTRAL — The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptio…
https://english.alarabiya.net/business/energy/2026/05/10/ara…
info
“more than 14 million barrels a day unable to leave the region”
SINGLE SOURCE
While Wikipedia mentions restrictions of 'around 10 million barrels per day', and other sources discuss the general volume of the Strait (20m bpd), no multiple independent sources specifically confirm the '14 million barrels a day unable to leave' figure.
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web search NEUTRAL — restricting shipments by more than 90%, around 10 million barrels per day of oil production. The restrictions on shipping in the Strait has led to disruptions that are raising energy and agricultural …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
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web search NEUTRAL — In 2025, about 20 million barrels of oil and oil products passed through the Strait of Hormuz per day, according to estimates from the US Energy Information Administration (EIA). That is nearly $600bn…
https://www.bbc.com/news/articles/c78n6p09pzno
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web search NEUTRAL — By now, more than 30 days have passed since the oil left the Gulf. This month-long journey cannot be meaningfully sped up. Ships can sail faster, but that risks safety and uses more fuel, raising cost…
https://www.nytimes.com/interactive/2026/05/07/world/middlee…
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“The International Energy Agency said in March it would release 400 million barrels from members’ emergency reserves to support global markets, with around 164 million barrels already drawn.”
CORROBORATED
Multiple sources confirm the IEA's decision to release 400 million barrels from emergency reserves, described as the largest ever coordinated release.
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web search NEUTRAL — The IEA released 400,000,000 barrels from strategic reserves — the largest ever.The International Energy Agency announced its largest coordinated strategic reserve release in history — 400 million bar…
https://nationalsecurityjournal.org/the-world-is-losing-1000…
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web search NEUTRAL — Iraq's oil ministry sent a letter in early March to the Kurdistan Regional Government seeking permission to pump at least 100,000 barrels per day of crude from Kirkuk oilfields through the Kurdistan p…
https://english.aawsat.com/business/5251584-over-400-million…
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web search NEUTRAL — The Ministry of Petroleum and Natural Gas has welcomed the International Energy Agency's (IEA) unprecedented decision to release 400 million barrels of emergency oil stocks to address severe supply di…
https://www.republicworld.com/world-news/india-welcomes-iea-…
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“The price of North Sea Dated crude, a benchmark for physical deliveries in the near-term, dropped from a peak of $144 per barrel to below $100, before climbing back again.”
SINGLE SOURCE
The web search results returned generic definitions of 'price' and unrelated companies. No specific pricing data for North Sea Dated crude was found in the evidence.
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web search NEUTRAL — In economics, the market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics.
https://en.wikipedia.org/wiki/Price
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web search NEUTRAL — Our dependable quality, reliable delivery and knowledgeable follow-up service have made Price a market leader in supplying air distribution, critical controls and noise control products.
https://priceindustries.com/
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web search NEUTRAL — The meaning of PRICE is the amount of money given or set as consideration for the sale of a specified thing. How to use price in a sentence.
https://www.merriam-webster.com/dictionary/price
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“Saudi Arabia and the United Arab Emirates have rerouted some exports through terminals outside the Strait”
INSUFFICIENT EVIDENCE
No evidence was provided or found during the search to confirm or deny the rerouting of exports by Saudi Arabia and the UAE.
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“producers in the Atlantic Basin, including the US, have increased shipments to Asia.”
INSUFFICIENT EVIDENCE
No evidence was provided or found during the search to confirm or deny increased shipments from the Atlantic Basin to Asia.
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“Russian exports have also increased after repeated attacks on domestic refineries reduced local demand”
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“temporary US sanctions waivers allowed more Russian cargoes onto world markets.”
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“The IEA now expects global oil demand to fall by 420,000 barrels a day in 2026 to 104 million barrels per day.”
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“This is a downward revision of 1.3 million barrels per day compared with what the agency expected before the Iran war.”
PENDING
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.