Total commercial oil inventories in the Organisation for Economic Co-operation and Development (OECD) countries declined for the third successive month in August, down by 8.4 million barrels on a monthly basis to 2.82 billion barrels, the OPEC's monthly report issued today, Oct. 14, showed.
This marks a rise by 4.8 million barrels compared to August 2023, but down 86 million barrels from the latest five-year average. It is also 157.4 million barrels less than the 2015-2019 average.
The US commercial oil inventories shed 3.1 million barrels month-on-month in September to 1.26 billion barrels, which is about 15.4 million barrels below the same month a year earlier and 27 million barrels less than the average of the previous five years.
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