Oil reserves of OECD countries at their lowest ebb in seven years

Commercial reserves of oil and oil products of the member countries of the Organization for Economic Co-operation and Development (OECD) fell by 60 million barrels in December, reaching 2.680 million barrels.

According to the February report of the International Energy Agency (IEA), this figure is 355 million barrels less than in the same period last year and the lowest level in seven years, Report informs.

Under the report, the existing reserves meet 59.6 days of expected demand, which is 0.9 days less than the previous month and 3.2 days less than the average level calculated so far.

The decrease in reserves is explained by a sharp decline in average distillate reserves in all regions.