The lowest oil inventories in developed economies since 2004 are set to combine with the upcoming EU embargo on Russian oil imports to further tighten the oil market and the already “exceptionally tight” diesel markets, the International Energy Agency (IEA) said on Tuesday. “Oil markets remain finely balanced going into the winter months, with OECD stocks trending at the lowest levels since 2004,” the IEA said in its closely-watched Oil Market Report (OMR) for November published today. “The approaching EU embargoes…
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