OECD commercial oil inventories weaken

Oil tanks

OPEC's monthly report, released Wednesday, showed that total commercial oil inventories in OECD countries decreased by 19.9 million barrels month-on-month in January, reaching 2.82 billion barrels.

At this level, inventory volume is 70.5 million barrels higher than the same period in 2025 and 9.8 million barrels above the latest five-year average. However, it remains 103.1 million barrels lower than the average for the 2015-2019 period.

Meanwhile, the report's data for February indicates that total U.S. commercial oil inventories fell by 6.7 million barrels month-on-month to 1.269 billion barrels.

This represents an increase of 67.6 million barrels, or 5.6%, compared to the same month in 2025, and exceeds the latest five-year average by 37.1 million barrels, or approximately 3%.