MOSCOW, November 11. /TASS/. World commercial oil reserves by April 2020 went up by more than 1 bln barrels due to falling demand amid the pandemic, the OPEC + cuts in oil production have slowed this process down, but the oversupply is still growing, OPEC said in its monthly report published on Wednesday.
The growth of reserves is taking place due to a decrease in demand and an incomparable decline in oil production, the report says. Over the three quarters of 2020, the oil demand fell by 10.7 mln barrels per day year-on-year, while oil supply decreased by 5.4 mln bpd. Most of this reduction was undertaken by the countries of the OPEC + agreement. However, according to the report, despite efforts to cut production, global stocks are showing a sharp increase. For example, storage facilities in OECD countries over this period were replenished by 290 mln barrels, and non-OECD countries by 540 mln.
Meanwhile, in September, OECD stocks fell 15.3 mln barrels to 3.179 bln barrels. At this level, they remained 212 mln barrels above the five-year average.
In September, oil reserves fell by 13 mln barrels, oil products - by 2.2 mln barrels. These reserves covered the needs of the OECD countries in oil for 71 days, which is 10 days more than a year earlier.