IEA says OECD oil stocks at lowest level since 1990

The International Energy Agency (IEA) said on Wednesday that oil stocks among members of the Organization for Economic Co-operation and Development had fallen by 163 million barrels since the outbreak of the Middle East conflict, reaching their lowest level since December 1990. The agency said global observed oil stocks had fallen by an average of 3.8 million barrels per day since the conflict began, including a major draw in May. The IEA also said the US-Iran memorandum of understanding could help ease regional tensions and support a gradual recovery in oil flows through the Strait of Hormuz, but operational and political risks remain.

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