Global Oil Reserves Depleting at Record Pace, Further Fuel Price Increases Expected

Global oil reserves are declining at an unprecedented rate, according to the International Energy Agency, which describes the current situation as the largest oil supply crisis in history. The world is adapting to the shortage through reduced consumption, releasing strategic reserves, and increasing oil production outside the Middle East. The dramatic shift in global oil markets represents a complete reversal from earlier IEA predictions that the world would be "swimming in oil," with the agency now warning that price shocks could become even more severe as supplies continue to tighten at record speeds.