ALBAWABA - Commercial oil inventory in the member states of the Organization for Economic Cooperation and Development (OECD) rose by 22 million barrels in January, compared with the preceding month, reaching 2,873 million barrels, according to a report on global petroleum developments.
Strategic inventory, however, remained at the same level as the previous month, around 1,513 million barrels.
The report, released by the Organization of Arab Petroleum Exporting Countries (OAPEC), also revealed that U.S. crude oil imports declined by 5.2 percent in February 2023, reaching 6.3 million barrels per day.
On the other hand, U.S. crude oil exports increased by 17.8 percent to approximately 4.2 million barrels per day.
The report noted that there was a 0.1 percent decrease in U.S. imports of petroleum products in February 2023, reaching approximately 2.1 million barrels per day, while exports of petroleum products declined by 3.8 percent to about 5.9 million barrels per day.
OECD is a "unique forum," where the governments of 37 nations with market-based economies, headed by the United States, "collaborate to develop policy standards to promote sustainable economic growth," according to the U.S. State Department.
