The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) decreased again in October and were 2.9 million barrels below the five-year average, the International Energy Agency (IEA) said on Thursday in its monthly report
MOSCOW (Pakistan Point News / Sputnik - 12th December, 2019) The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) decreased again in October and were 2.9 million barrels below the five-year average, the International Energy Agency (IEA) said on Thursday in its monthly report.
"OECD commercial stocks drew 32.5 mb in October to 2 904 mb. They were 2.9 mb below the five-year average and covered 60.6 days, one day below the average," the IEA said.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that the commercial oil stocks in the OECD decreased by 5.1 million barrels month-on-month in October but still were 32.8 million barrels above the five-year average.
Bringing the OECD commercial oil stocks to the five-year average is one of the goals outlined in the OPEC+ deal.
