IEA predicts reduction in global oil reserves

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.