Global oil inventories are ‘well below five-year average,’ Vitol says

RIYADH: The global oil inventories are now below the five-year average, a measure that shows the tightness in the market, according to a Vitol executive.

“An impressive 500-plus million barrels in inventory, we’re well below the five-year average,” Chris Bake, a member of the executive committee at Vitol, said in a virtual oil conference.