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According to Dow Jones on May 17, the International Energy Agency (IEA) said on Wednesday that commercial oil inventories in industrialized economies have fallen to their lowest level in three years, which means that the global oil glut situation has ended and the market has rebalanced
.
Commercial oil inventories at the Organisation for Economic Co-operation and Development (OECD) fell by 26.
8 million barrels
in March from February, the IEA said in its closely watched monthly oil market report.
Inventory levels are 1 million barrels
below their five-year average.
The five-year average of OECD commercial oil inventories is an indicator
by which oil market participants measure the rebalancing process of that market.
The IEA hinted at the decline in oil inventory levels as a sign that OPEC's efforts to cut production had succeeded in clearing the global excess supply
that had been dragging down the oil market since late 2014.
OECD oil inventories have fallen by 233 million barrels
since OPEC implemented the production cut agreement, the IEA said.
According to Dow Jones on May 17, the International Energy Agency (IEA) said on Wednesday that commercial oil inventories in industrialized economies have fallen to their lowest level in three years, which means that the global oil glut situation has ended and the market has rebalanced
.
Commercial oil inventories at the Organisation for Economic Co-operation and Development (OECD) fell by 26.
8 million barrels
in March from February, the IEA said in its closely watched monthly oil market report.
Inventory levels are 1 million barrels
below their five-year average.
The five-year average of OECD commercial oil inventories is an indicator
by which oil market participants measure the rebalancing process of that market.
The IEA hinted at the decline in oil inventory levels as a sign that OPEC's efforts to cut production had succeeded in clearing the global excess supply
that had been dragging down the oil market since late 2014.
OECD oil inventories have fallen by 233 million barrels
since OPEC implemented the production cut agreement, the IEA said.