OECD oil inventories drop to lowest level since 1990 as 163 million barrels are drawn down, IEA says

Oil inventories held by OECD member countries fell in May to their lowest level since 1990, after governments drew down stocks during the West Asia conflict, the International Energy Agency said. Since the conflict began, the drawdown has reached 163 million barrels across the OECD. The IEA has coordinated releases of 400 million barrels to help ease the impact of surging oil prices linked to Tehran’s effective closure of the Strait of Hormuz, with 252 million released as of June 12.