Oil stockpiles in the world’s largest economies are headed toward the lowest levels since at least 2003, as top consuming nations tap inventories at a record pace to plug the loss of over 11 million barrels a day of Middle Eastern output due to the Iran war, Reuters reports citing the US Energy Information Administration (EIA).

Total oil inventories in the members of the Organisation for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, the EIA says, based on its current assumption that marine traffic through the Strait of Hormuz is unlikely to return to pre-conflict levels until early 2027.