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Commercial oil inventories in OECD fall to lowest level since mid-2014

Oil&Gas Materials 10 March 2022 13:10 (UTC +04:00)
Commercial oil inventories in OECD fall to lowest level since mid-2014

BAKU, Azerbaijan, March 10

By Leman Zeynalova - Trend:

Global oil inventories have fallen steadily since mid-2020, and inventory draws averaged 1.8 million barrels per day (b/d) from the third quarter of 2020 (3Q20) through the end of 2021, Trend reports with reference to the US Energy Information Administration (EIA).

“We estimate that oil inventories fell further in the first two months of 2022 and that commercial inventories in the OECD ended February at 2.64 billion barrels, which is the lowest level since mid-2014. Although we reduced Russia’s oil production in our forecast, we still expect that global oil inventories will build at an average rate of 0.5 million b/d from 2Q22 through the end of 2023, which we expect will put downward pressure on crude oil prices,” EIA said in its latest report.

EIA forecasts that global consumption of petroleum and liquid fuels will average 100.6 million b/d for all of 2022, up 3.1 million b/d from 2021.

“We forecast that consumption will increase by 1.9 million b/d in 2023 to average 102.6 million b/d. Economic forecasts in this outlook were completed before Russia’s further invasion of Ukraine. The outlook for economic growth and oil consumption in Russia and surrounding countries is highly uncertain. Oil consumption will depend on how economic activity and travel respond to recent and any potential future events and sanctions,” said the report.

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Follow the author on Twitter: @ Lyaman_Zeyn

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