IEA Reports Drop In OECD Europe Oil Inventories

2025-09-13 07:07:14

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 14. Commercial oil inventories in OECD Europe slipped by 2.1 million barrels (mb) in July, leaving total stocks at 920 mb, according to the International Energy Agency's latest outlook, Trend reports.

The decline reduced forward demand cover to 67.9 days, half a day below last year's level.

Crude oil inventories provided some support, rising 5.8 mb month-on-month, with the Netherlands reaching a two-year high and Germany and Italy also posting gains.

By contrast, oil product stocks fell by 8.5 mb. Gasoline led the draw, down 3.1 mb, including a sharp 1.9 mb drop in the UK following the closure of the Lindsey refinery. Middle distillates declined 2.7 mb, weighed by UK, Italian, Dutch and German draws, though France saw a notable 2.8 mb increase. Fuel oil inventories fell by 1.8 mb, while“other products” dropped for a fourth consecutive month, slipping below the five-year average.

Preliminary August data from Kayrros point to a further draw of 5.9 mb in European crude stocks. Gains in the Netherlands and Germany were offset by sharp declines in France, Türkiye and Spain.

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