OECD oil reserves fall to their lowest level in 5 years

In 23 million barrels below the average rate of the last five years, the oil reserves of the Organization for Economic Co-operation and Development (OECD) were located at the end of May, reported on Thursday. l & # 39; agency. International Energy (IEA).

According to the report, at the end of the fifth month of the year, the stocks of the OECD have increased "only half of normal", and the Agency also indicated that these reserves increased by 13.9 million barrels, up to 2840 million barrels, account.

The study adds that preliminary data for June indicate a further reduction in the reserves of the above-mentioned organization, they say.

It should be noted that one of the reasons that OPEC producers and their independent allies signed in Vienna a year and a half ago, an agreement to reduce the production of 1, 8 million barrels, was the saturation of crude stocks. in the global market, factor that according to the badysis of OPEC has helped to lower the price of the brands of oil.

The aforementioned agreement, in force until December of this year, was discussed at a meeting held on June 23 in the Austrian capital, where it was agreed avoid excessive compliance with the agreement, which could mean increased production.

US President Donald Trump urged OPEC and its largest producer, Saudi Arabia, to unilaterally increase its production cap, and the Organization to the same, calling the rise in oil prices "manipulation" of the group.

It is known that the elements that Trump introduced into the epicenter of OPEC have caused discomfort, as recent records show that Saudi Arabia has actually increased its production in June to a record 10 million 489,000 barrels a day.

Direct sources from the Organization of Petroleum Exporting Countries express the equivalent of an increase of 459,000 barrels per day compared to May output, while 10 million 30,000 barrels per day have been reported.