Investing.com -- Oil stockpiles in the world's largest economies are moving toward the lowest levels since at least 2003 as top consuming nations draw from inventories at a record pace to replace the loss of more than 11 million barrels per day of Middle Eastern production due to the Iran war, the U.S. Energy Information Administration said Tuesday.

Total oil inventories in the members of the Organization for Economic Cooperation and Development will decline to just under 2.3 billion barrels by December, the EIA said. The projection assumes marine traffic through the Strait of Hormuz will not return to pre-conflict levels until early 2027.

The EIA said it now assumes oil shipments through the Strait of Hormuz will resume in the third quarter of 2026. The agency does not expect traffic through the strait to increase to pre-Iran war levels until early 2027.

Disruptions at the Strait of Hormuz forced Middle East producers to reduce output by more than 11 million barrels per day in May compared to pre-war levels, the EIA said.

The agency expects some Middle East output to remain disrupted beyond its forecast period, which runs through the end of 2027.

The EIA now expects global oil demand to decline in 2026, reversing an earlier forecast that projected a marginal increase.