The Organisation for Economic Co-operation and Development (OECD)'s commercial oil stocks decreased by 50.3 million barrels month-on-month in June and were 131.2 million barrels below five-year average, the International Energy Agency (IEA) said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 12th August, 2021) The Organisation for Economic Co-operation and Development (OECD)'s commercial oil stocks decreased by 50.3 million barrels month-on-month in June and were 131.2 million barrels below five-year average, the International Energy Agency (IEA) said on Thursday.
"OECD total industry stocks fell by a large 50.3 mb, or 1.68 mb/d, in June as crude inventories declined by more than normal and as product stocks drew counter-seasonally. By end-month, total oil stocks stood at 2 882 mb, 131.2 mb lower than the 2016-2020 average and 66 mb below the pre-Covid 2015-19 average," the IEA said in its new oil market report.
