EIA says OECD oil inventories may fall to lowest level since 2003

On June 10, the U.S. Energy Information Administration (EIA) said on Tuesday local time that due to the Iranian war resulting in the loss of more than 11 million barrels per day of crude oil production in the Middle East, major consumer countries are using inventories to make up for supply gaps at an unprecedented rate. OECD oil inventories are heading towards their lowest level since at least 2003. The EIA said that based on its current assumption that maritime transportation activity in the Strait of Hormuz is unlikely to return to pre-conflict levels before early 2027, total oil inventories in OECD member countries will fall to just under 2.3 billion barrels by December.