OPEC Monthly Oil Market Report – August 2017
OECD commercial oil stocks fell by 21.9 mb in June to stand at 3,033 mb, which is around 252 mb above
the latest five-year average. Crude and products indicated surpluses of 142 mb and 110 mb above the
seasonal norm, respectively. In terms of days of forward cover, OECD commercial stocks stood at
63.8 days in June, which is 4.1 days higher than the latest five-year average. Preliminary data for July
shows that US total commercial oil stocks fell by 22.4 mb to stand at 1,316 mb. At this level, they are
137 mb higher than the latest five-year average. Within the components, crude and products stocks fell by
21 mb and 1.4 mb, respectively. The latest information for China showed that total commercial oil
inventories rose by 9.7 mb in June to settle at 386.3 mb. Within the components, crude and products stocks
rose by 9.4 mb and 0.3 mb, respectively.
Preliminary data for June shows that
total OECD commercial oil stocks
fell by 21.9 mb to stand at
3,033 mb, which is around 21 mb lower than the same time one year ago, but 252 mb above the latest five-
year average. Within the components, crude and products fell by 13.0 mb and 8.9 mb, m-o-m, respectively.
All OECD regions witnessed stock draws.
Graph 9 - 1: OECD’s commercial oil stocks
OECD commercial crude stocks
fell by 13.0 mb m-o-m in June for the third consecutive month to stand at
1,519 mb, which is 3.6 mb below the same time a year ago and around 142 mb higher than the latest five-
year average. While OECD Europe stocks witnessed a build, OECD Americas and OECD Asia Pacific
experienced stock draws in commercial crude.
OECD product inventories
also fell by 8.9 mb m-o-m in June to stand at 1,514 mb, which is 17 mb below
the same time a year ago, but 110 mb above the seasonal norm. All OECD regions witnessed stock draws.
In terms of
days of forward cover
, OECD commercial stocks fell by 0.7 days in June to stand at 63.8 days,
which is 0.4 days less than the same period in 2016, but 4.1 days higher than the latest five-year average.
Within the regions, OECD Americas had 5.4 more days of forward cover than the historical average to stand
at 63.6 days in June. OECD Europe stood 3.7 days higher than the seasonal average to finish the month at
69.3 days, while OECD Asia Pacific indicated a surplus of 0.2 days above the seasonal norm, averaging
53.8 days in June.
Jan Feb Mar
May Jun Jul
Aug Sep Oct
Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.