IEA blames Opec production for jump in oil stockpiles – monthly report:
"Opec’s relentless production late in 2016 is to blame for a jump in stockpiles for the first time in six months and a backlog of unused oil, the International Energy Agency said on Wednesday. Commercial stockpiles in industrialized nations rose in January for the first time in six months by 48m barrels, or around 1.5m barrels a day, to above 3bn barrels, the IEA said in its monthly market report. Before the agreement to curb output was reached in Vienna late last year, production between September and November surged by 580,000 barrels a day."
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