Baku 23° 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
10:41
Ukraine strikes Russian oil depot in Krasnodar
Other countries10:39
Overdue loans in Azerbaijan grow 25% in 1 year
Finance10:35
Azerbaijan's MFA congratulates Slovenia on its Statehood Day
Foreign policy10:18
Kazakh PM: Competition for investment, technology increasing importance of Eurasian region
Business10:17
Azeri Light crude drops to $76.38 per barrel
Energy10:00
Photo
Head of ASAN Service attends UN Public Service Forum in Tbilisi
Foreign policy09:53
ESCAP proposes phased model for integrating energy systems of Central Asia and Azerbaijan
Energy09:50
Photo
At least 32 killed and 700 injured in powerful Venezuela earthquakes
Other countries09:41