Commercial stocks of petroleum and petroleum products around the globe fell by about 45 million barrels in March compared with February, according to the International Energy Agency. The IEA notes that this shift reflects ongoing volatility in global energy markets and the evolving balance between supply and demand across major economies.
The agency states that overall oil inventories declined by 45 million barrels in March, leaving global stocks approximately 1.2 billion barrels below the level seen in June 2020. This marks a continuing tightening of available oil reserves as world markets adjust to shifts in production, consumption, and strategic policy responses from governments and industry players alike. The data underscore how inventories can swing with movements in production quotas, refinery runs, and disruptions to supply chains that connect buyers and sellers across continents.
Within the OECD, total stocks rose modestly by 3 million barrels, a change attributed to a release of 24.7 million barrels from strategic reserves by OECD members in March. Despite this uptick, OECD inventories remain below the five year average and sit at about 2.626 billion barrels, a reminder that buffer capacity and precautionary stock levels are not yet fully restored to pre-crisis norms. The IEA emphasizes that this gap between current holdings and longer term averages continues to shape policy discussions and market expectations as economies recover and energy demand grows alongside inflationary pressures and geopolitical considerations.
Preliminary IEA estimates for April indicate a further increase in OECD stocks, with a rise of roughly 5.3 million barrels. This ongoing fluctuation highlights the delicate interplay between emergency stock releases, commercial activity, and the pace of global demand recovery for petroleum products. Market participants monitor these changes closely to gauge potential effects on prices, supply reliability, and the strategic planning undertaken by both governments and industry players.
In Latvia, authorities announced toward the end of April that an energy crisis affecting the supply of petroleum products would extend through December 31 of the current year. As a consequence, Riga is expected to release additional portions of its strategic oil reserves to stabilize domestic supply and mitigate potential shortages for consumers and businesses. This decision reflects broader regional concerns about energy security and the readiness of national stockpiles to respond to sudden supply shocks, ensuring continued access to essential fuels while markets adjust to evolving conditions.