Total OECD oil stocks in Dec hit record low first time since 2004 – IEA

Moscow: The total oil and and petroleum products reserves in the Organization for Economic Co-operation and Development (OECD) countries, which include commercial and state reserves, fell to the lowest since April 2004, amounting to 3.977 billion barrels in December, the International Energy Agency (IEA) said in a report on Wednesday.

“Total OECD inventories, including government stocks, fell to 3,977 mb, their lowest since April 2004,” the report said.

The IEA added that OECD commercial reserves decreased by 18.1 million barrels in December, to 2.767 billion barrels.

“OECD industry stocks fell by 18.1 mb in December to 2 767 mb, 95.7 mb below the five-year average,” the report read.