OPEC secretary-general notes reduction in OECD commercial oil stocks

Commercial oil reserves in the countries of Organization for Economic Cooperation and Development (OECD) fell by 45 million barrels in February, OPEC Secretary-General Mohammad Sanusi Barkindo said at the 28th Meeting of the Joint Ministerial Monitoring Committee (JMMC) held via videoconference on March 31, Report informs with reference to OPEC press service.

“From the perspective of inventories, preliminary data for February 2021 shows a further drawdown of around 45 million barrels in OECD commercials, following a drop of around 14 million barrels in January. The February level is 95 million barrels higher than the same time one year ago, and 58 million barrels above the average for the period 2015-2019,” the OPEC secretary-general said.

Bringing commercial reserves of oil and oil products in the world to an average five-year level was designated as the goal of the OPEC + agreement to limit oil production. The parties to the agreement are mainly tracking stocks in OECD countries.