EIA Cuts Q3 2026 Oil Inventory Forecast to 2.2M Bpd from Over 7M Bpd

According to the U.S. Energy Information Administration (EIA) on July 8, global oil inventory drawdown in Q3 2026 is now projected at 2.2 million barrels per day (bpd), sharply down from over 7 million bpd forecasted in June. The revision reflects increased oil production and recovering trade flows. The EIA anticipates the global oil market will return to a pre-conflict supply surplus state in 2027 as production continues to rise.
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