OPEC's monthly report, released Tuesday, showed that total commercial oil inventories in OECD countries fell by 3.2 million barrels month-on-month in June to 2,789 million barrels.
However, this is down 57.9 million barrels year-on-year, about 91.7 million barrels below the five-year average, and 158.6 million barrels below the 2015-2019 average.
Preliminary data indicates that total US commercial oil inventories rose by 19.7 million barrels month-on-month in July to 1.260 billion barrels.
This is about 25.8 million barrels lower than the same month in 2024 and 40.8 million barrels below the five-year average
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