How much have OECD oil inventories decreased?

OECD oil inventories are at their lowest since 2003, with a projected decrease of 6.3 million bpd in Q2 and 7.66 million bpd in Q3.

Why are oil inventories decreasing?

The primary cause is the blockade of the Strait of Hormuz due to the US-Iran war, forcing energy systems to use commercial and emergency stockpiles heavily.

How have US oil exports changed?

US net exports of crude oil and petroleum products hit a record high of 5.8 million bpd in April, with average net exports projected at 4.2 million bpd for the year.

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Oil Stockpiles in Wealthy Nations Hit 23-Year Low as US-Iran War Continues

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The U.S. Energy Information Administration (EIA) reports that OECD oil inventories have fallen to their lowest level since 2003 due to the blockade of the Strait of Hormuz amid the US-Iran war. U.S. net crude oil exports hit a record high of 5.8 million barrels per day in April.

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Frequently Asked Questions

Q: How much have OECD oil inventories decreased?: A: OECD oil inventories are at their lowest since 2003, with a projected decrease of 6.3 million bpd in Q2 and 7.66 million bpd in Q3.
Q: Why are oil inventories decreasing?: A: The primary cause is the blockade of the Strait of Hormuz due to the US-Iran war, forcing energy systems to use commercial and emergency stockpiles heavily.
Q: How have US oil exports changed?: A: US net exports of crude oil and petroleum products hit a record high of 5.8 million bpd in April, with average net exports projected at 4.2 million bpd for the year.