MOSCOW, September 13 – PRIME. Commercial stocks of oil and petroleum products in the countries of the Organization for Economic Cooperation and Development (OECD) in July increased by 18.1 million barrels compared to June, were 279 million barrels below the five-year average and 271 million barrels below the average in 2015-2019, according to the monthly report of OPEC.
OPEC failed to fully increase production under the deal in August
“According to preliminary data for July, the total commercial stocks of oil and petroleum products in the OECD countries increased by 18.1 million barrels compared to the previous month. The reserves amounted to 2.699 billion barrels, which is 148 million barrels less than in the same period last year, by 279 million barrels below the five-year average and 271 million barrels below the 2015-2019 average.
It is specified that in July oil reserves in the OECD amounted to 1.318 billion barrels, and oil products – 1.38 billion barrels.
Bringing commercial reserves of oil and petroleum products in the world to an average five-year level was originally designated as the goal of the OPEC+ deal. Of all the stocks, the parties to the agreement track stocks in the countries of the Organization for Economic Cooperation and Development (OECD) most actively.
However, in 2021, the alliance members began to focus on an additional target – the average value of reserves for the period 2015-2019, since oil reserves were at an abnormally high level for almost the entire 2020.
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