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Sharjah24
U.S. oil stocks near 2003 lows
The U.S. Energy Information Administration shows that oil inventories in the United States are heading towards their lowest levels since 2003, as major countries continue to withdraw significant quantities to compensate for the loss of over 11 million barrels per day of Middle Eastern supplies due to the Iran war. It is expected that OECD stocks will fall below 2.3 billion barrels by December, with potential oil prices rising to around $105 per barrel in June and July. This has led to a deterioration in global inventories, with high prices expected to persist until normal oil flows are restored.
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