Global Oil Inventories Forecast to Hit 5-Year Low of 7.5 Billion Barrels in July, IMF Says

According to the International Monetary Fund (IMF), global crude oil inventories are forecast to fall to 7.5 billion barrels in July, marking the lowest level in five years. The IMF cited the inventory decline amid ongoing geopolitical tensions. For context, global oil inventories stood at approximately 8 billion barrels before the outbreak of the Iran conflict.
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