The oil stocks in the Organisation for Economic Co-operation and Development (OECD) countries increased by 16.2 million barrels a day (mbd) in June to 3.2 billion barrels, the International Energy Agency (IEA) said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 13th August, 2020) The oil stocks in the Organisation for Economic Co-operation and Development (OECD) countries increased by 16.2 million barrels a day (mbd) in June to 3.2 billion barrels, the International Energy Agency (IEA) said on Thursday.
"OECD industry stocks rose by 16.2 mb (0.54 mb/d) to 3 235 mb in June, and in the first half of 2020 they increased at an average rate of 1.78 mb/d ... As the market rebalances and the forward price curve flattens, floating storage of crude oil fell by 35.7 mb from its all-time high in June, to 184.8 mb in July," the IEA said in a monthly report.
At the same time, the oil output by non-OPEC countries which are not taking part in the OPEC+ oil cuts agreement is set to fall by 1.5 mbd in 2020 and "only marginal increases are expected in 2021," the agency underlined.
Earlier on Thursday, the agency revised down its forecast for global oil demand this year by 140,000 barrels a day, which is a first downgrade in several months, due to the weakness in the aviation sector and remaining COVID-19 impact.
