The surplus of world oil reserves may disappear in two-three months. This opinion was expressed by the head of the Department of the oil industry and markets of the International energy Agency (IEA) Neil Atkinson.
“Over time, oil reserves began to fall, it becomes clear that the five-year average is within sight,” – he said.
“It may take another two or three months before oil reserves actually reach the five-year level,” – Finmarket quotes Atkinson.
At the same time, he noted that if the confrontation between the United States and China escalates into a trade war, it can slow the growth of world oil demand.
As OPEC noted, in January, oil reserves in the OECD countries increased by 13.7 million barrels compared to the previous month – to 2.865 billion barrels, which is 50 million barrels above the five-year average. At the same time, oil reserves showed an excess of 74 million barrels, and oil products reserves found a deficit of 24 million barrels of seasonal norm.