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OECD oil reserves hit lowest level since 2015 in September

Preliminary data for October showed a slight reprieve in a tight oil market, the International Energy Agency informed

MOSCOW, November 16. /TASS/. Oil reserves of developed countries in September 2021 decreased by 51 mln barrels to 2.762 bln barrels, which is the lowest figure since 2015, according to the November report by the International Energy Agency (IEA).

"OECD total industry stocks plunged by 51 mb in September, with crude oil and middle distillate holdings accounting for most of the declines. In terms of regions, Europe led the draw-down. At 2 762 mb, total OECD industry stocks stood 250 mb below the five-year average and at their lowest level since the start of 2015. Preliminary data for October point to a marginal stock build," the report said.

Thus, preliminary data for October showed a slight reprieve in a tight oil market, "with an encouraging 8.6 mb build in total OECD industry stocks", the IEA said.

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