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Global oil stocks fall 400M barrels
The U.S. Energy Information Administration shows that global oil inventories decreased by approximately 400 million barrels during 2026, and this decline is expected to continue until the end of the year. This keeps oil prices high, close to their August average. The spot price of Brent crude is forecasted to average around $90 per barrel until the end of 2026, with a possibility of dropping to about $74 in 2027 as inventories begin to recover and production increases. Additionally, U.S. strategic petroleum reserve holdings fell to 285.4 million barrels by the end of the last week in August, amid ongoing pressure on global supplies.
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