IEA: OECD oil inventories were below 5-year average in October

Commercial stocks of oil and oil products in the countries of the Organization for Economic Co-operation and Development (OECD) in October increased by 17.3 million barrels compared to September, to 2.745 billion barrels. This is 150.2 million barrels below the five-year average, Report informs referring to the monthly report of the International Energy Agency (IEA).

In October, global stocks of oil and petroleum products fell by 23.2 million barrels, as inventories of petroleum products fell for the first time since March, and oil showed a smaller increase. Industrial stocks in OECD countries rose by 17.3 million barrels to 2.765 billion barrels, which 150.2 million barrels below the five-year average, but OECD government stockpiles fell by 19.9 million barrels.

Bringing commercial reserves of oil and petroleum products in the world to an average five-year level was originally designated as the goal of the OPEC+ deal. Of all the stocks, the parties to the agreement track stocks in OECD countries most actively.

However, in 2021, the alliance members began to focus on an additional target - the average value of reserves for 2015-2019, since oil reserves were at an abnormally high level for almost the entire 2020.