Baku 4° C
IEA predicts reduction in global oil reserves
Energy
- 19 January, 2021
- 11:31
If the OPEC + production reduction agreement is fully implemented, world oil reserves could fall by 100 million barrels in the first quarter of 2021 (1.1 million barrels per day).
According to the International Energy Agency (IEA), oil reserves will continue to decline in the second half of this year as demand in the world oil market increases.
In the 4th quarter of 2020, the world's daily oil reserves decreased by 2.58 million barrels. In particular, the OECD countries' commercial resources in August-November sank steadily and amounted to 3,108 million barrels, which is 166.7 million barrels more than the average reserves of the last five years.
Author
Latest News
20:57
Envoy to Ankara: United States values 'strong partnership' with Türkiye
Other countries20:53
AFFA signs licensing agreement with FIFA
Football20:46
US freezes all visa processing for 75 countries
Other countries20:33
Georgian political analyst sees TRIPP route as strategic project for the region
Foreign policy20:24
Araghchi briefs Fidan on Iran protests
Region20:18
Iranian freighter in distress in Caspian Sea, all those on board rescued
Region19:58
Qatar confirms 'departure of certain personnel from Al Udeid Air Base'
Other countries19:46
Photo
Azerbaijan, Israel mull establishing joint artificial insemination center
AIC19:31