OECD Nations’ Oil Supply Hits 20-Yr High

The crude oil inventories of rich countries have reached a 20-year high, the International Energy Agency reported Tuesday.

Members of the Organization for Economic Cooperation and Development posted large oil stocks in April even though heavy seasonal maintenance cut refinery throughputs. Specifically, OECD crude oil supplies in April were 17 million barrels higher than in March and 58 million barrels above the April 2005 level.

However, total oil stocks cover held at March’s 54-day level because of seasonally rising crude and product demand.