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OECD Oil Stocks Near 2003 Low as Brent Hits $105

6/10/2026

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Summary

Story summary

The U.S. Energy Information Administration projects OECD oil inventories will fall to just under 2.3 billion barrels by December, the lowest since 2003.
The drawdown replaces 11 million barrels per day of lost output as the Strait of Hormuz, handling 20 % of oil, stays below traffic until early 2027.
Brent crude is expected to average $105 a barrel in June-July, while futures traded at $91.60 on Tuesday.

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Story summary

The U.S. Energy Information Administration projects OECD oil inventories will fall to just under 2.3 billion barrels by December, the lowest since 2003.
The drawdown replaces 11 million barrels per day of lost output as the Strait of Hormuz, handling 20 % of oil, stays below traffic until early 2027.
Brent crude is expected to average $105 a barrel in June-July, while futures traded at $91.60 on Tuesday.