Oil reserves that were accumulated during the COVID-19 pandemic around the world have practically dried up, which may lead to an increase in the cost of hydrocarbons in the second half of 2021. This was reported by Bloomberg.
According to the agency, in February, oil reserves in the developed economies of the world were 57 million barrels higher than the average for 2015-2019. However, in recent months, inventories have fallen sharply on the back of increased demand.
Bloomberg writes that the largest oil reserves remain in China. American hydrocarbon reserves on the US East Coast hit a 30-year low. Over the past two weeks, oil stocks stored in tankers have decreased by 27% to 50.7 million barrels.
On the London ICE exchange, the price of a Brent oil futures on Friday rose to $ 67.08 per barrel. According to Bloomberg analysts, against the background of the projected reduction in oil reserves in the second half of 2021, the price of oil may rise to $74 per barrel.