Commercial oil inventories among Organisation for Economic Co-operation and Development (OECD) nations increased by 6 million barrels month-on-month in September 2025, according to a recent report obtained by the Energy Research Unit. Despite this rise, stockpiles remained slightly below the average levels recorded over the previous five years. n nThe monthly report from OPEC, released on Wednesday, November 12, 2025, showed total crude and product stocks in OECD countries reached 2.845 billion barrels in September, up from approximately 2.839 billion barrels the prior month. Year-on-year, inventories were 37.7 million barrels higher, yet still 22.4 million barrels below the five-year average. n nThis marks the third consecutive monthly increase in OECD oil reserves, based on data tracked monthly by the Energy Research Unit. n nBreaking down the figures, commercial crude oil stocks rose by about 1 million barrels month-on-month to 1.331 billion barrels in September. These levels were 21.3 million barrels above September 2024 but remained 29.6 million barrels below the five-year average. n nMeanwhile, refined product inventories climbed by 5 million barrels during the same period, reaching 1.513 billion barrels. This figure is 16.4 million barrels higher than the same month last year and exceeds the five-year average by 7.3 million barrels. n nIn the United States, preliminary data indicates a drop in commercial oil stocks by 19 million barrels in October 2025, bringing the total to 1.269 billion barrels. Nevertheless, U.S. inventories were still 20.5 million barrels—or 1.6%—higher compared to October 2024. However, they remained 7.1 million barrels (0.6%) below the five-year average, according to the OPEC report. n nOn production, the OPEC+ alliance saw a decline of 73,000 barrels per day in October, bringing output to 43.024 million barrels per day. In contrast, OPEC members collectively increased production by 33,000 barrels per day to 28.46 million barrels per day, led by Saudi Arabia and Kuwait. n nOPEC maintained its forecast for global oil demand growth in 2025 and 2026 at 1.30 million and 1.38 million barrels per day, respectively, unchanged from previous estimates. It also kept its forecast for non-OPEC+ supply growth in 2026 at 0.63 million barrels per day, while raising the 2025 estimate to 0.93 million barrels per day. n— news from الطاقة
