Washington, June 10 (QNA) - US crude oil inventories are on track to fall to their lowest levels since at least 2003, according to the US Energy Information Administration, as the world's largest economies draw down stockpiles at a record pace to offset the loss of more than 11 million barrels a day of Middle Eastern supply caused by the war.

The agency, the statistical arm of the US Department of Energy, said total oil inventories held by member countries of the Organization for Economic Cooperation and Development (OECD) are projected to decline to below 2.3 billion barrels by December.

The forecast is based on the agency's current assumption that maritime traffic through the Strait of Hormuz is unlikely to return to pre-conflict levels before early 2027.

The EIA said disruptions in the Strait of Hormuz forced Middle Eastern producers to cut output by more than 11 million barrels a day in May compared with prewar levels. It also revised its outlook for global oil demand in 2026, forecasting a decline rather than the modest increase it had previously expected. (QNA)