Google+ Followers

Friday, 11 August 2017

Oil stockpiles falling as supply cuts take hold, says IEA

Oil stockpiles falling as supply cuts take hold, says IEA:

"Commercial oil stockpiles in industrialised nations have fallen below 2016 levels, but the rebalancing of supply and demand still remains a “stubborn process” despite robust consumption, the International Energy Agency said on Friday. In the second quarter global inventories fell by 500,000 barrels a day to just over 3bn barrels, the Paris-based body said in its monthly oil market report, as supply cuts from big producer countries took effect. But the IEA said that if the same level of drawdowns continues into the first three months of 2018, stockpiles will remain above their five year average, implying the goal of the cuts agreement will not have been met."



'via Blog this'