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

The forecasting division of the U.S. Department of Energy said on the 9th that oil inventories in the world's wealthiest nations have fallen to their lowest level since the administration of former U.S. President George W. Bush. According to a CNN report, the U.S. Energy Information Administration (EIA) stated that global oil inventories are expected to decrease by 6.3 million barrels per day in the current quarter and by a further 7.66 million barrels per day in the third quarter. Due to the near-blockade of the Strait of Hormuz, energy systems have been forced to draw heavily on commercial and emergency stockpiles. Consequently, according to the EIA, oil inventories among the 38 member countries of the Organisation for Economic Co-operation and Development (OECD) are at their lowest level since 2003. The OECD is primarily composed of wealthy nations, including the United States, Canada, Japan, Israel, South Korea, France, and the United Kingdom. Other countries are increasingly turning to U.S. oil to replace Middle Eastern crude, which has been supply-constrained during this crisis. The EIA reported that U.S. net exports of crude oil and petroleum products hit a record high of 5.8 million barrels per day in April. Officials project that average net exports will reach 4.2 million barrels per day this year, significantly higher than last year's 1.4 million barrels per day.