OECD oil inventories reach 1990 lows

Reports indicate that oil inventories among OECD countries have fallen to their lowest levels since 1990, amid escalating tensions in the Middle East and the closure of the vital Strait of Hormuz. Since the start of the war in February, inventories have decreased by 163 million barrels, as Iran closed the strait through which about one-fifth of global oil supplies pass, leading to market disruptions and rising crude prices. The flow of emergency inventories is expected to slow in the coming months, as demand for oil both domestically and globally declines. However, forecasts suggest a gradual recovery in inventories by 2027.

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