Commercial oil stocks in industrialized economies have fallen to their lowest level in three years, the International Energy Agency said Wednesday, in the latest sign that the global supply glut has been mopped up and the market rebalanced.

In its closely watched monthly oil market report, the IEA said commercial oil inventories for Organization for Economic Cooperation and Development countries declined in March by 26.8 million barrels to 62.819 billion barrels month-on-month. That’s 1 million barrels below the latest five-year average metric widely used by oil market participants to assess the rebalancing process.