World oil reserves fell by 45 million barrels in March

Commercial stocks of petroleum and petroleum products in the world decreased by 45 million barrels in March compared to February. About informs International Energy Agency (IEA).

“Global oil inventories fell another 45 million barrels in March and are now a total of 1.2 billion barrels lower than in June 2020,” the agency said.

In the report, it was stated that the stocks in the Organization for Economic Cooperation and Development (OECD) countries increased by 3 million barrels. This was due to the release of 24.7 million barrels of oil from reserves by OECD members in March 2022. However, the reserves are still below the average five-year indicators and are at the level of 2.626 billion barrels.

OECD stocks rose another 5.3 million barrels in April, according to the IEA’s preliminary estimates.

Latvian authorities at the end of April announced Energy crisis in the supply of petroleum products until December 31 of the current year. After this decision, Riga will have to release its strategic oil reserves.

Source: Gazeta


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