OECD Oil Stocks Reach Record High In July: IEA

“Instead, the July build returned OECD industry stocks to record levels of 3.225 billion barrels.”

The agency revised down its projection for global implied stock draws for the second half of 2020 by nearly a million barrels per day (bpd) to 3.4 million bpd, citing increasing global output and lower than expected demand.

Preliminary August data indicated that industry crude stocks fell in certain key markets, the United States, Europe and Japan and that crude in floating storage fell sharply by 59.9 million barrels to 168.4 million barrels.

However, it warned: “Early reports suggest volumes might rise in September.”