The U.S. Energy Information Administration said on Tuesday that a conflict
involving Iran has cut Middle East crude output by more than 11 mln bpd, and
major consuming countries are drawing inventories at an unprecedented pace to
plug the supply gap. Under EIA's current assumptions — including that maritime
traffic through the Strait of Hormuz is unlikely to return to pre-conflict
levels before early 2027 — OECD total oil stocks are projected to fall to just
under 2.3 bln barrels by December.
