OECD oil inventories fall 48.4M barrels in April: OPEC

Commercial oil inventories in Organisation for Economic Co-operation and Development (OECD) countries fell by 48.4 million barrels month-on-month (MoM) in April to 2.74 trillion barrels, according to OPEC’s monthly report released today, June 11.

The inventory level was 6.9 million barrels lower than in April 2025, 53.7 million barrels below the five-year average, and 179.5 million barrels under the 2015-2019 average, reflecting continued pressure on storage levels across OECD members.

Crude oil inventories rose by 4.2 million barrels from the previous month to 1.34 trillion barrels, though they remained 31.6 million barrels below the five-year average.

Meanwhile, petroleum product inventories dropped sharply by 52.7 million barrels to 1.39 trillion barrels, standing 4.9 million barrels below year-earlier levels and 55.1 million barrels under the 2015-2019 average.

By region, OECD crude inventories increased by 3.8 million barrels in the Americas and 4.5 million barrels in Europe, while Asia-Pacific crude inventories declined by 4.1 million barrels from the previous month.

Product inventories fell by 37.2 million barrels in the Americas and 17.7 million barrels in Europe, while Asia-Pacific product inventories rose by 2.2 million barrels MoM.