OECD commercial oil stocks above 5-year average in October: OPEC

Commercial oil stocks of the Organization for Economic Co-operation and Development (OECD) in October rose above the five-year average -- OPEC's key measure for its production cut agreement -- by 22 million barrels for the first time since March 2018.

Oil stocks in OECD industrialized countries increased by 7.6 million barrels month-on-month (MoM) in October to 2.883 million barrels, OPEC said in its monthly oil market report.

The rise continued for the fourth month straight at OECD members.

Meanwhile, October’s commercial inventory was lower by 41 million barrels, when compared to the same period last year.

Commercial stocks of crude oil in the United States decreased for the first time in five months by 7.5 million barrels MoM to 1.245 million barrels in November.

The OECD commercial stocks fell to a five-year average last April, driven by the oil cartel and Russia’s efforts to reduce supplies and absorb crude surplus.