BAKU, Azerbaijan, March 22. OECD Europe's oil industry stocks increased by 31 million barrels (mb) to 967 mb in January 2023, which is the highest level since June 2021, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
At the same time, stocks in Europe in the reporting period grew by 87.3 mb year-on-year, however, stayed 8.9 mb below the 2018-2022 average.
"Crude oil stocks built by 8.1 mb, despite a 520,000 b/d year-on-year increase in regional refinery intake. The largest gains came from Poland (+4.8 mb), Norway (+2.4 mb) and the Netherlands (+2.2 mb), while stocks in Italy fell by 4.8 mb. NGL and Feedstock inventories decreased counter-seasonally by a marginal 0.8 mb," the report noted.
According to the data, oil product stocks built by 23.8 mb, largely in line with the seasonal trend.
"Right before the product import ban from Russia, middle distillate inventories increased by 20.9 mb and hit a 16-month high. Half of the stock builds came from Germany (+3.3 mb), Italy (+3.2 mb), Spain (+2.8 mb) and France (+2.3 mb). Gasoline stocks rose by 3.9 mb, but remained below the five-year range. Other product inventories were also up, by 2.3 mb. Fuel oil stocks posted a 3.3 mb counter-seasonal decrease when they usually build by 3 mb. Fuel oil stocks were still 3.9 mb above the five-year average," the IEA added.
Meanwhile, global observed inventories increased by 52.9 mb in January 2023, with stock builds in both the OECD (+57.1 mb) and non-OECD (+13 mb) and a decrease in oil on water (-17.2 mb).
"Total stocks reached nearly 7.8 billion barrels, their highest level since September 2021. OECD inventories built due to a decline in demand, and as Europe started replenishing tanks ahead of a complete embargo on Russian oils," the report said.
