The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) stood 26.4 million barrels above the five-year average in December, the International Energy Agency (IEA) said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 13th February, 2020) The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) stood 26.4 million barrels above the five-year average in December, the International Energy Agency (IEA) said on Thursday.
Bringing the OECD commercial oil stocks to the five-year average is one of the goals outlined in the OPEC+ deal.
"OECD industry stocks held largely steady in December at 2 915 mb as a build in product inventories more than offset lower crude holdings. Total oil stocks stood 26.4 mb above the five-year average and covered 61 days of forward demand," the IEA said.
