Global oil stocks rose 10 million barrels in October

  • 13 December, 2021
  • 5:51 pm EET

Commercial oil stocks in the Organization for Economic Cooperation and Development rose by about 10 million barrels last October.

According to the monthly report of the Organization of the Petroleum Exporting Countries – issued today, Monday – global oil stocks increased by 9.9 million barrels in October, to reach the level of 2.773 billion barrels.

Despite the increase, oil stocks around the world are still 357 million barrels less, compared to levels in October last year.

Global stocks were also less than the 5-year average by about 207 million barrels, according to the report.


US oil stocks

According to preliminary estimates, commercial oil stocks in the United States fell by 11.8 million barrels in November, on a monthly basis, to 1.222 billion barrels, according to an OPEC report.

As a result, US crude stocks are 166.6 million barrels less, or 12%, when compared with the same period last year, and they are 87 million barrels less than the average of the last five years, or 6.6%.


OPEC production

OPEC’s oil production continued to rise by 285,000 barrels per day last November, reaching 27.717 million barrels per day, according to the organization’s monthly report.

On the other hand, OPEC kept its estimates for the growth of global demand for oil this year at 5.65 million barrels per day, and also fixed its expectations for demand growth next year at 4.15 million barrels per day.

As for the growth of oil supply outside OPEC, the organization maintained its expectations during the current and next two years at 0.68 and 3.02 million barrels per day, respectively.


Consumption of oil derivatives

The consumption of oil derivatives in the United States decreased by 385,000 barrels per day, last week, to reach 19.837 million barrels per day.

This comes with a drop in aviation and distillate fuel consumption by 507 and 631,000 barrels per day, respectively.

While gasoline consumption in the United States increased by 167,000 barrels per day, last week.

When comparing on an annual basis to the average of the past 4 weeks, the total consumption of petroleum products increased by 10.2%, with an increase in gasoline consumption by 13.7%.

Consumption of aviation and distillate fuels increased by 27% and 6.1%, respectively, during the past 4 weeks, on an annual basis.


Import details

Total oil imports in the United States decreased to the level of 6.499 million barrels per day, last week, compared to 6.604 million, the previous week.

This came with a decline in imports from 5 countries, led by Russia, as they fell by 189,000 barrels per day.

US oil imports from Colombia, Ecuador and Saudi Arabia decreased by 143, 112, and 82 thousand barrels per day, respectively, and also decreased from Mexico.

While US oil imports from Nigeria, Canada and Brazil increased by 171, 96 and 91 thousand barrels per day, respectively, and increased from Iraq.



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