IEA: Global oil inventories are declining at a record pace

IEA Monthly Report: Global oil inventories are decreasing at a record pace. It is expected that in 2027, global oil supply will rebound by 8 million barrels per day, previously forecasted to rebound by 8.3 million barrels per day. In August, the average daily flow through the Strait of Hormuz was 7.6 million barrels. OPEC+ production in August declined by 1.8 million barrels per day. In August, non-OPEC production increased by 240,000 barrels per day, mainly driven by the United States and the United Arab Emirates. Non-OPEC supply is expected to increase by 630,000 barrels per day in 2026. OPEC+ production is expected to decrease by 6.3 million barrels per day in 2026. OPEC+ production is expected to increase by 5.5 million barrels per day in 2027, and non-OPEC+ production is expected to increase by 2.5 million barrels per day in 2027.