Oil reserves in OECD countries fall to lowest level in eight years

Commercial oil reserves in the member states of the Organization for Economic Cooperation and Development (OECD) fell by 22.1 million barrels in January to 2.621 million barrels, the lowest level since April 2014, Report informs, citing International Energy Agency (IEA)

This is 335.6 million barrels less than the average level of 2017-2021.

The existing reserves met 57.2 days of the predictable demand, which is 13.6 days less than the same period last year.

According to preliminary data from Europe, the United States, and Japan, reserves will drop by another 29.8 million barrels.