15:20 - 15.02.2023
February 15, Fineko/abc.az. Commercial reserves of oil and petroleum products in the countries of the Organization for Economic Cooperation & Development (OECD) in December 2022 decreased by 10.9 million barrels compared with November.
According to the February OPEC report, in December 2022 the reserves of oil and petroleum products in the OECD countries were 95 million barrels below the five-year average and 158 million barrels below the average in 2015-2019.
"According to preliminary data for December, the total commercial reserves of oil and petroleum products in the OECD countries decreased by 10.9 million barrels compared with the previous month. Reserves amounted to 2.768 bn barrels, which is 117 million barrels more than in the same period of the previous year, 95 million barrels below the five-year average and 158 million barrels below the average level of 2015-2019," the report says.
It is specified that in December, oil reserves in the OECD amounted to 1.344 bn barrels, and petroleum products - 1.424 bn barrels.
Bringing commercial reserves of oil and petroleum products in the world to an average five-year level was initially designated as the goal of the OPEC+ deal. The most active of all stocks, the parties to the agreement monitor stocks in the OECD countries.
However, in 2021, the alliance members began to focus on an additional target - the average value of reserves for the period 2015-2019, since oil reserves were at an abnormally high level for almost the entire 2020.
