The commercial oil and oil products stocks in the Organization for Economic Co-operation and Development (OECD) rose by 6.2 million barrels in June month-on-month, while global stocks fell by 5 million barrels, the International Energy Agency (IEA) said in its monthly report on Thursday.
“Global observed inventories fell by a marginal 5 mb in June, with a drawdown in both OECD and non-OECD stocks partially offset by an increase in oil on water,” the report read, adding that “in June, OECD total industry stocks increased by 6.2 mb, to 2 681 mb, but remained 292.1 mb below the five-year average.”
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