Global oil inventories hit 23‑year lows as Hormuz closes

Global oil inventories are falling at a record pace, pushing stockpiles in the world's wealthiest nations to their lowest levels in over two decades, according to a U.S. Energy Information Administration forecast released Tuesday, June 9, 2026. The depletion is a direct result of the continued closure of the Strait of Hormuz, which has severed a major artery for Middle Eastern crude and forced major economies to rapidly draw from reserves.

The EIA reported that global inventories are projected to decline by 6.3 million barrels per day in the current quarter and by another 7.66 million barrels per day in the third quarter. Oil stockpiles among the 38 member nations of the Organization for Economic Cooperation and Development, which includes the United States, Japan, and European countries, have fallen to levels not seen since 2003. Officials attribute the crisis to the loss of over 11 million barrels per day of Middle Eastern output compared to pre-conflict levels.

With alternative pipelines unable to compensate for the Strait's capacity, global markets have turned to the United States as an emergency supplier. U.S. crude oil and petroleum product net exports surged to a record...