OECD commercial oil stocks slump YoY in July

Total commercial oil inventories in OECD countries fell by 66.5 million barrels on a yearly basis to 2.76 billion barrels in July, OPEC’s monthly report showed.

On a month-on-month (MoM) basis, however, inventories added 2.4 million barrels, albeit still about 128.5 million barrels below the five-year average, as well as 208.6 million barrels lower than the 2015-2019 average.

Preliminary data indicated that total US commercial oil inventories advanced by 600,000 barrels MoM to 1.26 billion barrels in July.

In contrast, this figure remains almost 10.8 million barrels lower compared to the same month in 2024 and 21.3 million barrels below the five-year average.