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Stock Movements

76

OPEC Monthly Oil Market Report – August 2017

OECD Americas

Total OECD Americas commercial stocks

fell by 18.5 mb in June for the fifth consecutive month to stand

at 1,607 mb, which is 1.9 mb below a year ago, but 175 mb higher than the seasonal norm. Within the

components, crude and products stocks fell by 14.0 mb and 4.5 mb, respectively.

At the end of June,

commercial crude oil stocks

in OECD Americas fell, ending the month at 841 mb,

which are 5.7 mb above the same time one year ago and 122 mb above the latest five-year average. The

decline was mainly driven by higher US crude throughput combined with lower crude imports.

Commercial product stocks

in OECD Americas also fell by 4.5 mb, m-o-m in June, reversing the massive

build of last two months. At 766 mb, they are 7.6 mb less than the same time one year ago, but 53 mb higher

than the seasonal norm. This drop was mainly driven by higher US demand compared to the previous

month, particularly gasoline demand during diving season.

OECD Europe

OECD Europe’s total commercial stocks

fell by 2.8 mb in June, ending the month at 1,009 mb, which is

1.6 mb higher than the same time a year ago, and 81 mb above the latest five-year average. Crude rose by

1.2 mb, while product stocks fell by 4.0 mb, m-o-m.

OECD Europe’s

commercial crude stocks

rose in June to stand at 429 mb, which is 5.0 mb higher than a

year earlier and 26 mb higher than the latest five-year average. This build could be attributed to lower

domestic North Sea production as higher refinery throughput went down in June compared to May.

In contrast, OECD Europe’s

commercial product stocks

fell by 4.0 mb to end June at 580 mb, which is

3.4 mb lower than the same time a year ago, but 55 mb higher than the seasonal norm. The drop in product

stocks could be attributed to higher demand in the European countries.

OECD Asia Pacific

OECD Asia Pacific’s total commercial oil stocks

fell slightly by 0.5 mb m-o-m in June to stand at 418 mb,

which is 20 mb lower than a year ago, and 4.1 mb lower than the five-year average. Within the components,

crude and product stocks fell by 0.2 mb and 0.3 mb, m-o-m, respectively.

Crude inventories

ended the month of June at 249 mb, which are 14.3 mb below a year ago, and 6.7 mb

below the seasonal norm.

OECD Asia Pacific’s

total product inventories

ended June at 169 mb, standing 6.1 mb lower than the

same time a year ago, and 2.7 mb above the seasonal norm.

Table 9 - 1: OECD’s commercial stocks, mb

Change

Apr 17

May 17

Jun 17

Jun 17/May 17

Jun 16

Crude oil

1,538

1,532

1,519

-13.0

1,523

Products

1,515

1,523

1,514

-8.9

1,531

Total

3,053

3,055

3,033

-21.9

3,054

Days of forward cover

64.9

64.4

63.8

-0.7

64.2

Note: Totals may not add up due to independent rounding.

Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.