IEA: Oil Abundance Decreased

The International Energy Agency (IEA) announced that the oil abundance caused by the new type of coronavirus (Covid-19) epidemic has decreased.

In the report published by the EIA today, it was noted that the oil abundance in developed countries decreased compared to last year when the demand collapsed. It was reported that OPEC's production cutback was effective in the reduction of inventories as well as the increasing demand. EIA warned that global consumption may decrease due to increasing coronavirus cases in India and this decrease in stocks may be temporary. "Oil stocks, which had swelled with the pandemic shock last year, returned to more normal levels, but there are still uncertainties about oil demand due to the virus crisis in India." While using the statements above, it was also stated that volatility in the market could continue until the pandemic is brought under control. Oil markets have begun to recover this year with increased consumption in China and the USA. This recovery played a major role in raising the barrel price of Brent oil in London up to $ 69. The IEA announced that its oil stocks, which were 250 million barrels in emerging markets last summer, fell to 36.9 million in March.