Commercial stocks of oil and petroleum products in the Organization for Economic Cooperation and Development (OECD) in December 2021 fell to a minimum in the last seven years, follows from the report of the International Energy Agency (IEA).

Oil inventories fell by 60 million barrels compared to November and were at their lowest level since 2015.

“OECD commercial oil inventories declined by 60 million barrels in December, driven by significant drawdowns in middle distillate inventories across all regions. Oil reserves amounted to 2.68 billion barrels, which is 355 million barrels lower than in the same period in 2020,” the report says.

According to the plans, bringing oil reserves to an average five-year level was the main goal of the OPEC+ deal. Most actively, the participants in the transaction decided to track stocks in OECD countries.

However, last year the target changed, and now the main benchmark is the average value of reserves for the period 2015-2019. This is due to the fact that in 2020 oil reserves were at a high level.

Last April, economists at Citigroup and the International Energy Agency found that the excess oil in storage that had accumulated during the coronavirus pandemic was almost depleted.

bbabo.Net