Commercial reserves of oil and petroleum products in the world in March decreased by 45 million barrels compared with February indicators, the International Energy Agency (IEA) reported.

“Global oil inventories fell another 45 million barrels in March and are now a total of 1.2 billion barrels lower than in June 2020,” the agency said.

The report added that stocks in Organization for Economic Cooperation and Development (OECD) countries increased by 3 million barrels. This was due to the March 2022 release of 24.7 million barrels of oil from stocks by OECD members. However, stocks are still below the five-year average at 2.626 billion barrels.

According to preliminary IEA calculations, OECD stocks rose by another 5.3 million barrels in April.