Doha: The International Energy Agency reported that oil stockpiles in member countries of the Organization for Economic Cooperation and Development have reached their lowest levels since 1990. This decline is attributed to tensions in the Middle East and the closure of the vital Strait of Hormuz supply route.
According to Qatar News Agency, the agency's monthly report highlighted that despite a significant drop in oil demand, stockpiles have continued to decline at a record pace. Inventories in major OECD countries, including the United States, France, Germany, and Britain, have decreased by 163 million barrels since the escalation began on February 28.
In addition, the agency has revised its forecast for oil demand in 2026, now predicting a decline of 1.1 million barrels per day, which is three times its projection from May.
Earlier on Wednesday, oil prices stabilized in morning trading, nearing their lowest levels in three months.