IEA: Oil stockpile in first half smaller than expected

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In its June Oil Market Report, the International Energy Agency stated that less oil has been stockpiled than originally expected during this year’s first half. The surplus of supply over demand in the first half is currently about 800,000 b/d compared with the initial expectation of 1.5 million b/d in January. The sharp reduction is driven by stronger oil demand growth and unexpected supply cuts, according to IEA.

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