Europe Specialist Sales J P M O R G A N Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 ian.e.mitchell@jpmorgan.com J.P. Morgan Securities plc 08 September 2025 CRUDE - why aren't oil prices lower? - in the note she explains that OECD inventories remain a primary driver of Brent's price trend, and the failure for these inventories to build as expected ytd is a key reason why prices remain above fair value. The reason for this failure is that ytd only about 25% of the increase in globa ...