Group 1 - Morgan Stanley reports a rapid increase in global oil inventories in recent months, primarily concentrated in the Asia-Pacific region, which has helped maintain stable oil prices [1] - As of the end of June, global inventories increased by approximately 235 million barrels, with only 10% of this increase occurring in the OECD region, which is crucial for price formation [1] - Despite expectations of oversupply in the coming quarters, the current futures price structure indicates market supply tightness, with near-term prices higher than long-term prices [1] Group 2 - Morgan Stanley warns that once the summer demand peak ends, oversupply may re-emerge, but only a "small" surplus is expected to reflect in OECD inventories [1] - The firm anticipates that OECD inventories will increase by no more than 165 million barrels over the next 12 months, returning to levels seen in 2017 when Brent crude prices fluctuated around $65 per barrel [1] - The firm forecasts Brent crude prices to remain at $65 per barrel in Q4 and at $60 per barrel for all four quarters of 2026 [2] Group 3 - In the recent inventory increase, non-OECD countries added approximately 100 million barrels, with China alone accounting for 48 million barrels [2] - The amount of oil in floating storage has also increased, adding 106 million barrels [2]