BAKU, Azerbaijan, September 13. Global oil inventories increased for the sixth consecutive month in July, climbing by 26.5 million barrels (mb) and bringing total builds since the start of 2025 to 187 mb, the International Energy Agency (IEA) said, Trend reports.
Total oil stocks reached 7,862 mb, 104 mb higher than a year ago but still 67 mb below the five-year average.
Crude oil stocks fell by 7.1 mb, partially offset by a 33.6 mb rise in oil products. On-water inventories grew by 6.8 mb, while on-land stocks rose 19.7 mb, with non-OECD countries adding 12.6 mb and OECD nations 7.1 mb. The bulk of the non-OECD surplus was concentrated in China, reflecting significant stockpiling this year, while OECD commercial stocks remained 96 mb below the five-year average.
Within the OECD, industry inventories rose 6.9 mb month-on-month to 2,794 mb, covering 60.9 days of forward demand. OECD Americas stocks grew for a fifth consecutive month (+18.8 mb), while Asia Oceania and Europe saw declines of 9.7 mb and 2.1 mb, respectively. Total OECD crude was largely flat at -0.8 mb, as declines in Asia were offset by gains in Europe (+5.8 mb) and the Americas (+3.2 mb).
Product stocks showed mixed trends: gasoline inventories fell by 8.1 mb, mainly in the Americas, Europe, and Asia, though levels remained above last year. Middle distillates rose 8.2 mb, led by the Americas, while OECD fuel oil stocks hit a historical low for July following a 4.2 mb draw across all regions. “Other products,” including gas liquids, increased by 11.8 mb, primarily in the Americas.
The IEA noted that preliminary data for August suggests global oil stocks remained broadly unchanged, as declines in oil on water were balanced by OECD builds, signaling ongoing tightness in certain markets alongside sustained strategic stockpiling in non-OECD regions.
