Paris, June 17 (QNA) - The International Energy Agency said on Wednesday that oil stockpiles in member countries of the Organization for Economic Cooperation and Development had fallen to their lowest levels since 1990, driven by tensions in the Middle East and the closure of the vital Strait of Hormuz supply route.

In its monthly report, the agency noted that despite a significant drop in oil demand, stockpiles continued to decline at a record pace. It said inventories in major OECD countries, including the United States, France, Germany and Britain, had fallen by 163 million barrels since the escalation began on Feb. 28.

Separately, the agency further reduced its forecast for oil demand in 2026, now expecting a decline of 1.1 million barrels per day — three times its May projection.

Earlier on Wednesday, oil prices stabilized in morning trading, nearing their lowest levels in three months. (QNA)