For example, according to Ed Morse, Citi's commodity analyst, commercial stocks in OECD countries "have returned to an average level over the past five years."

At the same time, excess stocks still remain mainly in China, the material says.

According to the IEA, oil reserves in developed countries peaked in July 2020 - 249 million barrels more than the 2015-2019 average.

In February, this surplus fell to 57 million barrels, the agency writes.

Earlier, the Deputy Minister of Natural Resources and Environment of Russia, the head of Rosnedra, Evgeny Kiselev, told how many years the country will have enough of its own oil and gas reserves.