OPEC Monthly Oil Market Report – August 2017
EU plus Norway
Preliminary data for June shows that
total European stocks
fell by 2.8 mb, following a drop of 7.0 mb in
May. At 1,151 mb, European stocks are 7.7 mb, or 0.7%, lower than the same time a year ago, but 60.8 mb,
or 5.6%, higher than the latest five-year average. Within the components, crude stocks went up by 1.2 mb,
while product stocks fell by 4.0 mb, m-o-m.
Graph 9 - 2: EU-15 plus Norway’s total oil stocks
rose in June to stand at 491.4 mb, which is 1.6 mb, or 0.3%, higher than the
same period a year ago. Compared to the seasonal average, they were 14.6 mb, or 3.1%, higher. The build
in crude oil stocks came despite higher refinery throughput as European refiners were running at around
10.4 mb/d in June, which is about 190 tb/d lower than during May.
By contrast, European
total product stocks
fell by 4.0 mb, ending June at 659.7 mb, which is 9.3 mb, or
1.4%, lower than the same time a year ago, and 46.3 mb, or 7.5%, above the seasonal norm. Within
products, distillate and gasoline stocks witness draws, while residual fuel oil and naphtha inventories saw
fell by 0.9 mb in June, ending the month at 117.0 mb, which is 2.2 mb, or 1.8%, lower than
the same time one year ago, and 7.8 mb, or 7.1%, higher than the seasonal norm. Higher demand combined
with lower output was behind the drop in gasoline stocks.
fell also by 4.8 mb in June to end the month at 447.2 mb, in line with the same time a year
ago, but 48.3 mb, or 12.1%, above the latest five-year average. This fall was driven mainly by higher end-
residual fuel oil stocks
rose by 0.8 mb in June to stand at 69.1 mb, which is 8.9 mb, or 11.5%,
less than the same month a year ago, and 10.0 mb, or 12.6%, lower than the latest five-year average.
also rose by 0.9 mb in June to stand at 26.4 mb, which is 1.8 mb, or 7.4%, higher than the
same month a year ago, and 0.1 mb, or 0.4%, lower than the latest five-year average.
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