The agency downgraded its forecast for this year by 20,000 bpd.
The IEA stressed that the forecast for this year has been reduced due to lower-than-expected supply volumes to the market in the second quarter amid a significant decline in oil demand, especially in developing countries. The forecast for 2026 has also been reduced by 20,000 bpd – to 720,000 bpd.
World crude oil inventories jumped 73.9 mln barrels in May to 7.818 bln barrels, according to the IEA. Commercial oil stocks in the Organization for Economic Cooperation and Development (OECD) countries increased by 44.5 mln, but were 54 mln barrels below the level of the previous year.
Preliminary data for June also showed that global oil inventories continued to grow, mainly in non-OECD countries.
AzVision.az
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