OECD commercial oil stocks rise in May: OPEC

The Organisation for Economic Co-operation and Development's (OECD) commercial oil stocks rose by 20.2 million barrels month-on-month (MoM) in May 2023 to 2,815 million barrels, which is 139 million barrels high from a year-earlier, OPEC said in its monthly report.

However, it is 101 million barrels lower than the latest five-year average and 140 million barrels below the 2015–2019 average.  

Preliminary data for June 2023 showed that total US commercial oil stocks rose MoM by 5.4 million barrels to 1,261 million barrels. It is 81.5 million barrels higher than the same month in 2022 but 24.8 million barrels below the latest five-year average.  

Sources:Argaam