MOSCOW, 13 Oct – PRIME. Commercial stocks of oil and petroleum products in the world rose in August compared to July by 36.5 million barrels, and in OECD countries – by 15 million barrels, but were still below the five-year average, according to an October report by the International Energy Agency (IEA ).
“Global inventories rose by 36.5 million barrels in August as a decline in onshore stocks (-27.8 million barrels) was offset by a rise in offshore oil inventories (+64.3 million barrels),” the report said.
At the same time, commercial oil inventories in OECD countries rose for the second consecutive month, by 15 million barrels in August, reaching 2,736 million barrels, while 243.3 million barrels below the five-year average, the report said.
The IEA notes that OECD countries released another 32.8 million barrels from strategic reserves in August, of which 31 million barrels of oil came from the United States and Asia and 1.8 million barrels of petroleum products from Europe. Another 38 million were released from government stockpiles in September, bringing OECD authorities to 223 million barrels of oil since March.
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 indicator – the average value of reserves for the period 2015-2019, since oil reserves were at an abnormally high level for almost the entire 2020.