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Oil Inventories are Headed Toward Multi-Decade Lows, US EIA Warns

Business & Policy
June 9, 2026

NEW YORK, June 9 (Reuters) – Oil stockpiles in the world’s largest economies ‌were headed toward the lowest levels since at least 2003 as top consuming nations tapped inventories at a record pace to ⁠plug the loss of over 11 million barrels a day of Middle Eastern output due to the Iran war, the U.S. Energy Information Administration said on Tuesday.

Total oil inventories in the members ‌of ⁠the Organization for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, ⁠the EIA said, based on its current assumption that marine traffic through the Strait ⁠of Hormuz is unlikely to return to pre-conflict levels ⁠until early 2027.

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Reporting by Shariq Khan and Scott DiSavino in New York; Editing by Mark Porter