OECD oil stocks at 1990 low
The International Energy Agency announced that oil inventories in the member countries of the Organization for Economic Cooperation and Development (OECD) have reached their lowest levels since 1990, due to the situation in the Middle East and the closure of the Strait of Hormuz. Inventories have experienced a record decline, especially in the United States, France, Germany, and the United Kingdom, decreasing by 163 million barrels since the escalation began in February. The agency also revised down its forecast for oil demand in 2026 by 1.1 million barrels per day, a significant increase from its previous estimate in May, as oil prices remain stable near their lowest levels in three months.
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