The IEA announced the reduction of world oil reserves

According to the report of the International Energy Agency (IEA), commercial stocks of oil and petroleum products in the world decreased in March compared to February by 45 million barrels. In total, inventories are now 1.2 billion barrels lower than in June 2020.

In the countries of the Organization for Economic Co-operation and Development (OECD), oil inventories rose by 3 million barrels (to 2,626 million barrels), while they are still below the five-year average by 299 million barrels. In March, the countries of the union released 24.7 million barrels from state stocks, which made it possible to stop the rapid decline in commercial stocks.

In April, according to preliminary data, stocks in the OECD increased by another 5.3 million barrels.

As you know, bringing commercial reserves of oil and oil products in the world to an average five-year level was originally designated as the goal of the OPEC+ deal. However, in 2021, the alliance members began to focus on an additional target – the average value of reserves for the period 2015-2019, since oil reserves were at an abnormally high level for almost the entire 2020.