The commercial oil storks in the Organization for Economic Co-operation and Development (OECD) fell by 21.2 million barrels per day in October month-on-month, and were below the 5-year average by 243 million barrels, according to a fresh monthly report published by the International Energy Agency (IEA) on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 14th December, 2021) � The commercial oil storks in the Organization for Economic Co-operation and Development (OECD) fell by 21.2 million barrels per day in October month-on-month, and were below the 5-year average by 243 million barrels, according to a fresh monthly report published by the International Energy Agency (IEA) on Tuesday.
"OECD industry stocks fell by 21.2 mb (684 kb/d) in October to close the month at 2 737 mb. A near constant drawdown in inventories for much of the year left stocks 243 mb below the 2016-2020 five-year average. OECD stocks have fallen by some 1 mb/d on average this year, with the draws split almost evenly between crude and products. OECD stock cover in days of forward demand rose 0.1 days in October to 60 days, but remained below the five-year average of 62 days. Preliminary data for November show industry stocks falling yet again, by roughly 23 mb," the report read.
