Published: Wed, September 13, 2017
Markets | By Noel Gibbs

Global oil inventories shrinking on robust demand - IEA

Global oil inventories shrinking on robust demand - IEA

Meanwhile, supply-side strains over the last few years have left oil prices at about half what they were three years ago and traders have been watching the level of crude oil stocks held by members of the Organization for Economic Cooperation and Development, which remain above the five-year average and seasonal trends, for signs of market recovery.

"OECD demand growth continues to be stronger than expected, particularly in Europe and the USA", the Paris-based IEA said.

Mexico produced 170,000 barrels per day, while it had to produce 100,000 barrels. The IEA said that the impact of Hurricane Harvey could drive refined product stockpiles below the five-year average by next month's report.

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"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly".

"Depending on the pace of recovery for the USA refining industry post-(Hurricane) Harvey, very soon OECD product stocks could fall to, or even below, the five-year level", added the IEA. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels, API said.

The 12 members of OPEC bound by a supply-cutting pact raised their compliance to 82 percent in August from 75 percent in July. The storm is estimated to have shut in roughly 200,000 barrels per day of production in August, with a further 300,000 barrels per day expected to be lost in September.

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International Energy Agency has increased its growth estimate for the year to 1.6 million barrels per day. In its latest market report, the IEA said the severe weather should still serve as a warning to the oil sector. For 2018, the world will need 32.4 million bpd of crude from OPEC.

According to the organisation, the supply was hampered by Hurricane Harvey in the USA, which caused refineries to shut.

The IEA revised down the global refinery throughput forecast for the third quarter of 2017 by 0.7 million bpd due to Harvey. As of 2:00 p.m. EDT Tuesday, the government said that four refineries in the Gulf Coast were still closed because of issues associated with Harvey, representing about 4 percent of the total US refining capacity.

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However, The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks.

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