Crude oil storage in developed countries reached an all-time high in July, the International Energy Agency said recently, in a sign that demand had faltered due to the economic damage wrought by the coronavirus.
"Stocks drew in June, bringing to an end three months of significant month-on-month increases and, it was thought, opening a period of gradual de-stocking," the Paris-based agency said in its monthly report.
"Instead, the July build returned OECD industry stocks to record levels of 3.225 billion barrels."
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The agency revised down its projection for global implied stock draws for the second half of 2020 by nearly a million barrels per day (bpd) to 3.4 million bpd, citing increasing global output and lower than expected demand.