OECD commercial oil inventories decline in February: OPEC

Oil tanks

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Monday that total commercial oil inventories in OECD countries fell by 16.1 million barrels in February to 2.74 billion barrels.

The stockpiles were also 29.9 million barrels lower year-on-year, and stood around 71 million barrels below the five-year average, and 173.5 million barrels below the 2015–2019 average.

Meanwhile, preliminary data showed that US commercial oil inventories rose by 4.2 million barrels in March to 1.21 billion barrels on a monthly basis.

However, that figure is 20.8 million barrels lower than in March 2024, and 41 million barrels below the five-year average for the same month.