Commercial oil stocks around the world are declining "rapidly", with several weeks of supplies left due to the consequences of the conflict in the Middle East, International Energy Agency (IEA) Executive Director Fatih Birol said on Monday.
Addressing a meeting of finance ministers from the Group of Seven in Paris, Birol said that 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", according to French daily Le Figaro.
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.
Global commercial oil stocks declining rapidly amid Mideast conflict: IEA chief
Nantong, a city in east China known as the nation's bedding hub, is turning to AI to help local manufacturers tackle the longstanding inventory challenges affecting both domestic and overseas sales.
With a population of 7.7 million, Nantong supplies 60 percent of the world's bedding sets.
Unlike clothing, bedding lacks complex tailoring, making patterns the primary driver of consumer preference. That is allowing some manufacturers to gain a competitive edge by deploying AI design tools.
One of the factories using the technology produces some 20,000 bedding sets a month. Operators use a platform that generates new patterns and renders images in seconds, with a single computer capable of producing thousands of designs daily.
Demand for these services has given rise to a tech firm ecosystem in Nantong, as startups begin specializing in providing AI services to local manufacturers.
One young team has served some 1,300 home textile firms and has generated over 3 million creative designs.
"In the past, one design draft cost between 2,000 and 4,000 yuan. Now AI helps to save costs. For companies, they can use the money saved from product design to improve product quality," said Yuan Zehua, CEO of Sansyn AI.
AI can also assist in quality control. For one local factory with a staff of just 40 employees and machines running around the clock, full-system AI monitoring is vital for identifying problems. As soon as an issue emerges, an on-screen prompt appears, providing operators with ample warning.
The city also has numerous inventory stores selling bedding sets that have remained unsold for extended periods. Most eventually sell as waste fabric, priced by weight.
With AI assistance, many factories now release numerous new styles for market testing before proceeding with mass production. This approach helps manufacturers gauge consumer demand early, reducing the risk of excess inventory.
"We can test different products to provide more choices for customers. Then AI, along with our quick response to the supply chain, could help solve our inventory problems," said Shi Si, general manager of Briney Textile.
However, the technology is not without limitations. AI-generated designs can raise intellectual property (IP) concerns, and even reshape workforce allocation in the textile industry, a sector that has long provided significant employment.
The industry is developing solutions. To address IP issues, AI platforms are building databases to trace design origins and identify the earliest creation.
Meanwhile, century-old textile companies are seeking workers with new skill sets, shifting hiring priorities as automation changes traditional roles.
"Repetitive work is replaced by robots. So we want college graduates to ensure the safe and stable operation of the equipment while ensuring the product quality," said Li Lanyu, director of Innovation Management at Dasheng Group.
China's bedding set hub Nantong harnesses AI to tackle inventory problems
