Global oil inventories are set to plummet by an average of 7.6mn b/d in Q3, the US Energy Information Administration (EIA) warned this week (see chart 1). Even with modest flows of clandestine oil shipments through the Strait of Hormuz picking up in recent weeks (MEES, 12 June), the oil market remains in a severe deficit and global stocks are being steadily eroded.
Oil Inventories On Course For Record Lows
Oil transits through the Strait of Hormuz have picked up of late but the world remains perilously undersupplied. Inventory drawdowns are cushioning the impact, but this buffer is growing thinner with every day Hormuz flows remain constrained.
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IN THIS ARTICLE
Tables
Opec Supply & Demand Forecasts, June 2026 (mn b/d)
Charts
1: EIA Now Sees Substantial Inventory Draws For The Remainder Of 2026, Peaking At 7.6mn b/d In Q3 (mn b/d)
2: Opec+ On Course To Complete Unwinding Of Voluntary Cuts In September, After Agreeing To 188,000 b/d Quota Increase For July (mn b/d)
REFERENCED MEES ARTICLES
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