US Oil Inventories Near Historic Low

The U.S. Energy Information Administration indicates that oil inventories in the United States are heading toward their lowest level since 2003, following a record drawdown to compensate for production losses in the Middle East, which exceeded 11 million barrels per day due to the Iranian war. It is expected that OECD stocks will decrease to below 2.3 billion barrels by December, amid ongoing declines in global reserves and rising oil prices. The price of Brent crude is projected to reach approximately $105 per barrel in June and July. Additionally, the decline in inventories and the slowing recovery of oil supplies could lead to higher prices and a reduction in global oil demand this year.

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