Supply of oil accumulated for a pandemic was almost exhausted

An excess of oil reserves in world storage facilities, accumulated during the crisis caused by a coronavirus pandemic, was almost exhausted. Reports about it Bloomberg.

According to the International Energy Agency (MEA) for February, there are less than one fifth of the accumulated volume of fuel in the storages. The agency notes that since that time, reserves declined even more. So, in June 2020, the repositories around the world accumulated at a peak of 249 million barrels more than the average for 2015-2019. However, in February 2021, this volume decreased to 57 million barrels.

Economists noted that the new overbalance of the global oil market and the growing demand for fuel from the side of the recoverable global economy has already led to the rise in price of oil to $ 67 per barrel, which cannot but please the manufacturers, but causes concerns from a number of governments about possible inflation . At the same time, the head of research of the natural resources of ED Morse, the remains of oil reserves accumulated in the pandemic in China are mainly in China.

In Citigroup, it is predicted that, in the second half of the year 2021, as the demand is restored, oil reserves will continue to shrink by 2.2 million barrels per day, as a result of which the Brent oil can rise in price to $ 74 per barrel or even higher.