Investing.com -- International Energy Agency Executive Director Fatih Birol said commercial oil inventories are shrinking at an accelerated pace, speaking to reporters at a Group of Seven finance ministers meeting in Paris on Monday.

Birol stated the depletion is happening very quickly and will continue for several weeks. He previously made similar comments last week.

The IEA chief noted that fertilizer and diesel prices are rising as the travel and planting season begins. He said this timing could significantly affect food prices, and combined with higher energy prices, may substantially increase inflation figures.

French Finance Minister Roland Lescure, hosting the G-7 meetings, told Bloomberg Television earlier on Monday that strategic reserves were released a couple of months ago. He added that authorities will release reserves again in the future if necessary.