The International Energy Agency, in its oil market report for December, found oil inventories among the 34 members of the Organization for Economic Cooperation and Development ended seven consecutive months of growth in October.
The IEA said, however, that "robust" gains in the U.S. energy market contributed to a surge in supplies from countries outside the Organization of Petroleum Exporting Countries. OPEC, in its December report, found OECD commercial oil stocks declined in October 12.3 million barrels but remained at more than the five-year average.
OPEC members, during their regular meeting this week in Vienna, agreed to keep production ceilings in place. Ministers there said they expected a modest increase in global oil demand, though non-OPEC countries were expected to contribute to oil market stability.
The IEA said it expected to see a slight recovery in oil demand during the fourth quarter of 2012, but said the 2013 forecast was "sluggish."
Demand for OPEC crude remained static at 30.1 million barrels per day, the cartel said in its December report.