OECD countries’ crude stockpile rise in November

The total commercial oil inventories in OECD countries rose by 4 million barrels year-on-year in November, reaching 2.84 billion barrels, according to the monthly report of OPEC, released on Wednesday.

This increase pushed the annual growth in inventories to 77.6 million barrels compared with the same period last year. Inventories are 0.3 million barrels above the five-year average, but 101.5 million barrels below the average for the 2015–2019 period.

Preliminary data indicates that total US commercial oil inventories increased by 9.8 million barrels MoM in November to 1.286 billion barrels.

This level is 4%, or nearly 49.6 million barrels higher YoY, and 2.8%, or 35.4 million barrels above the five-year average.