The Energy Information Administration released its Short-Term Energy Outlook for July, and it shows that OECD oil inventories likely peaked at 3.207 billion in July 2020. In June 2021, it estimated stocks fell by 12 million barrels to end at 2.864 billion, 337 million barrels lower than a year ago. The EIA estimated global oil production at 96.75 million barrels per day (mmbd) for June, compared to global oil consumption of 97.90 mmbd. That implies an undersupply of 1.15 mmb/d, or 34 million barrels for the month. Given the decrease in OECD stocks, non-OECD stocks are implied to have increased by 20 million barrels. ... (full story)