EIA Warns Global Oil Inventories Are Collapsing #Oil #Energy #CrudeOil #EIA #MiddleEast #Iran #OPEC

In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) said global oil inventories are now expected to fall by 2.6M barrels per day on average in 2026, versus a prior forecast for a 300K bbl/day decline.

The agency also projected a massive 8.5M bbl/day inventory draw in Q2.

The EIA estimated that Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain collectively shut in 10.5M bbl/day of crude production in April, with outages potentially peaking at 10.8M bbl/day this month as regional storage capacity fills.

The agency also expects Iranian production to decline further amid the ongoing U.S. blockade of Iranian ports.

At the same time, the EIA lowered its global oil demand growth forecast to roughly 200K bbl/day for 2026, down from 600K bbl/day previously, reflecting economic and geopolitical pressures.

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