Baghdad: Global oil inventories have decreased significantly, with a reduction of approximately 400 million barrels in 2026, as reported by the US Energy Information Administration (EIA). The agency forecasts that this trend will persist until the end of the year.

According to National Iraqi News Agency, the EIA highlighted that the decline in global oil inventories is contributing to maintaining high oil prices. The agency noted that these prices are expected to hover around the monthly average recorded in August in the coming months.

The EIA projects the average spot price of Brent crude will remain at approximately $90 per barrel through the end of this year. This is attributed to continued supply pressure and declining inventories.

Looking ahead, the EIA predicts a downward trend in prices during 2027 as oil production ramps up and inventories begin to recover. The agency expects the average spot price of Brent crude to decrease to around $74 per barrel next year.

In related developments, earlier data from the US Department of Energy indicated that the US Strategic Petroleum Reserve had fallen to 285.4 million barrels by the end of the week ending September 4th.