How Do Global Oil Inventories Compare to the US?

One of the factors that is contributing to weak oil prices is that US oil inventories are tracking well above their long term average levels.  Global oil inventories are not quite as high as they are in the US though according to data from the International Energy Agency.  The data is from a May report that tracks the data through March.  Since then US oil inventories have continued to climb, so it’s reasonable to assume that the global inventories have risen at least somewhat.

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