OECD inventories below average first time since spring 2020, OPEC says

TASS Russian News Agency | Jun 10, 2021 at 4:29 PM

TASS, June 10. Commercial oil inventories of the Organization for Economic Cooperation and Development (OECD) dropped by 6.4 mln barrels and totaled 2.962 bln barrels in April 2021, the Organization of Petroleum Exporting Countries (OPEC) says in its June report.

Inventories were 160 mln barrels lower than a year ago and 25 mln barrels below the average annual level for five years.

Oil inventories at the same time declined by 13.6 mln barrels, while balances of petroleum products gained 7.2 mln barrels.

The average five-year level is the main marker in the agreement of OPEC+ countries that reduce or increase oil production in a concerted way, depending on the market condition.