BAKU, Azerbaijan, February 18. Global oil stocks are expected to increase by an average of 110,000 barrels per day (b/d) in 2022, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
Although 2022 kicked off with a drastic reduction in stocks, the observed stock changes (+130,000 b/d) are consistent with the IEA's estimates.
"OECD government stocks drew by 750,000 b/d on average, supporting builds in OECD industry inventories (+330,000 b/d) and non-OECD stocks (+270,000 b/d). For the fourth quarter of 2022, the supply-demand balance was +620,000 b/d compared with a marginal observed stock change of +20,000 b/d. The mismatch might come from stock changes in non-OECD countries with poor coverage, especially for product inventories," the agency said.
The IEA noted that OECD industry stocks boosted by 230,000 b/d, mainly due to increase in crude oil reserves.
At the same time, government reserves declined by 390,000 b/d, mainly due to releases from the US. Meanwhile, non-OECD crude stocks increased by 370,000 b/d as China built by 350,000 b/d. Moreover, oil on water showed huge monthly swings, but built by only 60,000 b/d over the three-month period.
According to the IEA, world oil supply is forecast to increase by 1.2 mb/d to reach 101.3 mb/d, while the demand is expected to rise by 2 mb/d in 2023 to 101.9 mb/d.