Global oil reserves decline 24m barrels in August

clyde marine trainingThe Organization of the Petroleum Exporting Countries (OPEC) disclosed that the crude oil inventories for companies of the Organisation for Economic Co-operation and Development (OECD) decreased by 24.7 million barrels in August.
In a new sign for the oil market to balance, the oil reserves for the OECD-countries totalled 2.996 billion barrels in August.
Despite the decline, oil reserves are still higher by 171 million barrels that the average in the past five years, the OPEC’s report added.
The primary data refers that the commercial crude oil inventories in the U.S. declined by about 16 million barrels in September, registering 1.294 billion barrels.
In China, the commercial crude oil reserves decreased by 9.3 million barrels to total 371.2 million barrels in August, the monthly report said.
It added that the production of the OPEC-countries increased by 88,000 barrels in September.
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