OECD Commercial Oil Stocks Stand 32.8Mln Barrels Above 5-Year Average In October - OPEC

Mohammad Ali (@ChaudhryMAli88) Published December 11, 2019 | 06:28 PM

The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) decreased by 5.1 million barrels month-on-month in October but still were 32.8 million barrels above the five-year average, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 11th December, 2019) The commercial oil stocks in the member states of the Organization for Economic Cooperation and Development (OECD) decreased by 5.1 million barrels month-on-month in October but still were 32.8 million barrels above the five-year average, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday.

"Preliminary data for October showed that total OECD commercial oil stocks fell by 5.1 mb m-o-m to stand at 2,933 mb, which is 82.5 mb higher than the same time one year ago, and 32.8 mb above the latest five-year average," OPEC said in its Monthly Oil Market Report.

Bringing the OECD commercial oil stocks to the five-year average is one of the goals outlined in the OPEC+ deal.