EIA registers first decrease of global oil reserves since Oct–Dec 2017

MOSCOW, Apr 10 (PRIME) -- The U.S. Energy Information Administration (EIA) registered a decrease of global oil reserves by 0.7 million barrels a day in March and by 0.5 million barrels a day in January–March, which has become the first contraction since October–December 2017, the EIA said in its monthly short-term forecast.

Contrition of reserves in countries of the Organization for Economic Cooperation and Development (OECD) happened due to high compliance with the oil output reduction deal of OPEC and non-OPEC states, while Saudi Arabia’s oil production fell by 900,000 barrels a day to 9.85 million barrels in March as compared with October 2018, the EIA said.

Oil reserves of the OECD states are below their five-year average, which is the goal of the OPEC+ deal.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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