OECD oil reserves at 1990 lows
Reports have emerged indicating that oil inventories in OECD countries have reached their lowest levels since 1990, declining by 163 million barrels since the start of the war in the Middle East in February. The International Energy Agency stated that oil demand will decrease by 1.1 million barrels per day in 2026, with forecasts of a recovery in growth to two million barrels per day in 2027 after a 5 percent drop in the second quarter due to rising prices and supply difficulties. Drawdowns totaling 400 million barrels have been directed from stockpiles to help ease economic pressures.
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