The Globe and Mail reports in its Wednesday, June 10, edition that oil stockpiles in the world's largest economies are nearing their lowest levels since 2003 due to rapid inventory drawdowns caused by output losses from the Iran war, according to the United States Energy Information Administration. A Reuters dispatch to The Globe reports that by December, oil inventories in OECD countries are expected to fall to just under 2.3 billion barrels, as marine traffic through the Strait of Hormuz is not expected to return to preconflict levels until early 2027. The OECD stockpile is at its lowest since EIA records began in 2003, as reported in the monthly Short-Term Energy Outlook. The rapid inventory drawdown, needed to offset 11 million barrels a day of lost Middle Eastern production, sets the stage for a significant rise in oil prices in the coming months. Recent reports that the U.S. and Iran were near a deal to reopen the Strait of Hormuz weighed on prices in recent weeks. "As of this writing, the agreement has not been finalized. Most oil production in the region remains shut-in and global oil inventories have continued to fall to meet demand," the EIA said.