IEA Says Global Oil Stocks Fell 246 Million Barrels as Hormuz Disruptions Squeeze Africa
Updated
Updated · Business Insider Africa · May 17
IEA Says Global Oil Stocks Fell 246 Million Barrels as Hormuz Disruptions Squeeze Africa
9 articles · Updated · Business Insider Africa · May 17
Global oil inventories have dropped 246 million barrels since the conflict began, the IEA said, with April alone accounting for a 117 million-barrel drawdown after a 129 million-barrel fall in March.
Strait of Hormuz disruptions have cut Middle Eastern fuel exports to international markets to 700,000 barrels per day in April from a 2025 average of 1.4 million, tightening supplies and raising the risk of further price spikes.
Africa has been hit hardest: fuel exports to the continent fell about 430,000 barrels per day, and many countries still rely on imports for nearly two-thirds of fuel demand, leaving them exposed to higher import bills and inflation.
West Africa offered a partial offset as regional fuel exports rose to 145,000 barrels per day—more than double the prior three-month average—largely on higher output from Dangote Refinery.
Is the Strait of Hormuz crisis permanently redrawing the global energy map, making West Africa a new fuel powerhouse?
In its rush for energy security, is Africa building a resilient future or a costly trap of fossil fuel dependency?