OPEC: Commercial oil reserves in OECD countries in January were below the average five-year values by 75 million barrels
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Commercial stocks of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) in January increased by 34 million barrels compared to December. At the same time, they were below the five-year average by 75 million barrels and below the average in 2015-2019 by 124 million barrels. This is stated in the March report of OPEC.
The total commercial reserves of oil and petroleum products in the OECD amounted to 2.802 billion barrels. Oil reserves reached 1.372 billion barrels, oil products – 1.43 billion.
In total, following the results of February, the OPEC countries increased oil production by 117 thousand barrels per day (b / d), up to 28.92 million b / d, compared with January. At the same time, the average volume of oil production in OPEC amounted to 24.49 million barrels per day, which is 927 thousand barrels per day lower than the level stipulated in the agreement.
According to OPEC, in January Russia produced 11.2 million b/d of liquid hydrocarbons (9.8 million b/d of oil and 1.4 million b/d of condensate), 36 thousand b/d lower than a month earlier . Excluding gas concentrate, oil production in Russia amounted to 9.8 million barrels per day. The total volume of oil exports from Russia and Central Asia averaged 6.4 million b/d. In monthly terms, the indicator increased by 7%, in annual terms – by 2%.
OPEC has not changed its estimate of global oil demand in 2023. According to analysts of the organization, it will still be at the level of 2.3 million bpd.
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