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TREconomy4 days ago

Oil stocks of OECD countries fall to lowest level since 1990: IEA

Oil inventories held by OECD member countries fell in May to their lowest level since 1990, according to the International Energy Agency (IEA). The decline is attributed to governments drawing down stocks to offset the blockage of Gulf crude shipments caused by the Middle East war. The IEA reported a total drawdown of 163 million barrels since the start of the conflict. To address rising oil prices linked to the closure of the Strait of Hormuz, the IEA organized a coordinated release of 400 million barrels, with 252 million already released as of June 12. The IEA expects the rate of emergency釋

Oil stocks of OECD countries fall to lowest level since 1990: IEA

PARIS

Oil inventories held by OECD member countries fell in May to their lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Mideast war, the International Energy Agency said on June 17.

The drawdown since the start of the conflict has reached 163 million barrels in the Organization for Economic Cooperation and Development club of wealthy countries, the IEA said in its monthly report.

"Despite the significant reductions in demand for crude oil and refined products, the buffers in the system continue to erode at a record pace," the agency said.

To ease the burden from soaring oil prices due to Tehran's effective closure of the Strait of Hormuz, the IEA organised coordinated stock releases of 400 million barrels to the global market, of which 252 million have been released as of June 12.

"The flow of emergency stocks is expected to decelerate somewhat in June and July," the agency said, after a deal was announced this week to end the war that began on Feb. 28 with U.S. and Israeli strikes on Iran.

But the impact of high prices will weigh heavily on demand through this year, with an expected decline of 1.1 million barrels a day compared to 2025 levels.

"We see growth rebounding to 2 mb/d in 2027, as a normalisation of trade flows, lower oil prices and an improving economic outlook contribute to the recovery," the IEA said.

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Source document: International Energy Agency (IEA)

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Hurriyet Daily NewsParty-alignedCenter4 days ago
Oil stocks of OECD countries fall to lowest level since 1990: IEA

Oil inventories held by OECD member countries fell in May to their lowest level since 1990, according to the International Energy Agency (IEA). The decline is attributed to governments drawing down stocks to offset the blockage of Gulf crude shipments caused by the Middle East war. The IEA reported a total drawdown of 163 million barrels since the start of the conflict. To address rising oil prices linked to the closure of the Strait of Hormuz, the IEA organized a coordinated release of 400 million barrels, with 252 million already released as of June 12. The IEA expects the rate of emergency釋

Bias read (Center): The article presents factual data from the International Energy Agency without apparent ideological framing. It reports on oil inventory levels, the reasons behind the decline, and the measures taken by the IEA without showing clear bias toward any political perspective.

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  • organisation International Energy Agency (IEA)

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  • organisationInternational Energy Agency (IEA)