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4 June | Oil

Global oil reserves rise due to increased OPEC+ supplies

Brent
WTI Light Crude Oil
Global oil reserves rise due to increased OPEC+ supplies

According to Bloomberg data, global oil reserves have shown rapid growth over the past several weeks. Such changes indicate additional pressure from increased energy production volumes by OPEC+.

As Kayrros notes, global oil storage volumes increased by 170 million barrels over the past 100 days. The Organization of Petroleum Exporting Countries previously expanded oil supplies by 200,000 barrels per day in May. Antoine Halff, the company's chief analyst, notes that current changes could lead to the global oversupply of the resource.

As OilX data shows, energy reserves are growing at the fastest pace since 2020. However, refined fuel inventories have shown a sharp decline over the past three months.

Elizaveta Kuzmicheva MarketCheese

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