PARIS — The International Energy Agency reported that global oil stocks were drawn down by 117 million barrels in April as member countries tapped emergency reserves at a record pace. The drawdown followed a reduction of 129 million barrels in March, according to the agency's latest monthly report.

Approximately 164 million barrels have been drawn from the emergency stocks of IEA members, with the pace of releases picking up in April. The agency previously said it would provide global markets with 400 million barrels from the emergency stocks of its members, and further volumes are set to hit the market in the coming months.

The releases followed attacks on Iran by the United States and Israel. Tehran has effectively closed the Strait of Hormuz to Gulf oil and gas exports, and the IEA described the resulting supply disruptions as unprecedented.

The agency warned in the report that "rapidly shrinking buffers amid continued disruptions may herald future price spikes ahead." The IEA also said, "With global oil inventories already drawing at a record clip, further price volatility appears likely ahead of the peak summer demand period."

Prices have increased, weighing on the demand outlook as end users such as petrochemical and heavy manufacturers reduce usage. The agency said, "Higher prices, a deteriorating economic environment and demand-saving measures will further weigh on global oil consumption."

The IEA expects global oil demand to shrink by 2.4 million barrels per day in the second quarter. Prior to the war, the agency had forecast that global oil demand would shrink by 3.5 million barrels per day. OPEC said it expects global oil demand to increase by 1.2 million barrels per day in 2026.

Adi Imsirovic, an energy industry expert, said the depletion of reserves was already evident to those tracking the market. "Those of us who follow the oil situation did not need the IEA report to know we are losing a billion barrels of reserves and that we have less than half of that left before hitting the minimum operating levels," he said. "It is highly disturbing."