New Delhi, June 10 -- Oil inventories in some of the world's largest economies are headed to multi-decade lows as the West Asia conflict takes a toll on oil supply, a report by the US Energy Information Administration said on Tuesday.

"Oil inventories in the Organisation for Economic Cooperation and Development in our forecast fall to their lowest levels since 2003," the report said.

Total oil inventories in the OECD nations will fall to just under 2.3 billion barrels by December, the EIA said. This is the lowest level since 2003, when EIA started maintaining records.

The rapid drawdown from inventories to meet the 11 million barrels per day of shortfall in May has led to oil prices remaining elevated compared to their pre-conflict lev...