OECD countries’ oil stocks decreased by 200 million barrels since early 2017


December 14, Fineko/abc.az. Oil stocks in countries of the Organization for economic cooperation and development (OECD) decreased by 200 million barrels from the beginning of the year.

“The market rebalancing process is well underway. Commercial oil stocks in the OECD fell further in the month of November and the difference to the latest five-year average has been reduced by around 200 million barrels since the beginning of this year,” said OPEC Secretary-General Mohammed Barkindo, when delivering speech at the International Energy Forum in Beijing.

As of October, oil stocks in the OECD countries exceeded the average five-year level by 140 million barrels. The volume of oil stored in tankers at sea reduced by another 50 million barrels since the middle of the year.