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Friday, 11 August 2017

IEA issues warning despite pre-2016 oil stockpiles

IEA issues warning despite pre-2016 oil stockpiles:

"Oil stockpiles in industrialised nations have fallen below 2016 levels but the rebalancing of supply and demand remains a “stubborn process” despite robust consumption, the International Energy Agency said on Friday.

At the end of the second quarter, commercial inventories — the component of the global total for which there is the most visibility — fell 500,000 barrels a day to just over 3bn barrels as supply cuts from big producer countries took effect.

But the Paris-based body said in its monthly oil market report that even if the same level of drawdowns continued into the first three months of 2018, stockpiles would remain above their five-year average levels."

'via Blog this'