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Stock Movements

78

OPEC Monthly Oil Market Report – October 2017

OECD Americas

Total commercial stocks in OECD Americas

fell by 19.5 mb in August for the third consecutive month to

stand at 1,561 mb, which is 74 mb below a year ago, but 112 mb higher than the seasonal norm. Within the

components, crude fell by 20.0 mb, while products stocks rose slightly by 0.5 mb, m-o-m.

At the end of August, commercial

crude oil stocks

in OECD Americas fell, ending the month at 816 mb,

which is 17.8 mb below the same time one year ago, but 104 mb above the latest five-year average. Higher

refinery runs combined with lower crude imports were behind the drop in OECD crude oil stocks.

Commercial

product stocks

in OECD Americas rose slightly by 0.5 mb in August, reversing the stock draw

of last two months. At 745 mb, they were 56 mb less than the same time one year ago, but 8.2 mb higher

than the seasonal norm. This build was likely driven by generally lower consumption in OECD Americas.

OECD Europe

OECD Europe’s total commercial stocks

rose by 4.0 mb in August, ending the month at 1,002 mb, which

is 11 mb lower than the same time a year ago, but 60 mb above the latest five-year average. Crude stocks

fell by 2.2 mb, while product stocks rose by 6.2 mb, m-o-m.

OECD Europe’s commercial

crude stocks

fell in August by 2.2 mb to stand at 437 mb, which is 13 mb

higher than a year earlier and 39 mb higher than the latest five-year average. This drop could be attributed to

higher refinery throughput combined with lower North Sea production.

In contrast, OECD Europe’s commercial

product stocks

rose by 6.2 mb to end August at 566 mb, which is

24 mb lower than the same time a year ago, but 21 mb higher than the seasonal norm. The build in product

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

OECD Asia Pacific

OECD Asia Pacific’s total commercial oil stocks

fell slightly by 0.6 mb in August to stand at 433 mb,

which is 9.1 mb lower than a year ago and 0.5 mb lower than the five-year average. Within the components,

crude fell by 2.5 mb, while product stocks rose by 1.9 mb, m-o-m.

Crude inventories

ended the month of August at 254 mb, which is 4.5 mb above a year ago and 3.3 mb

above the seasonal norm.

OECD Asia Pacific’s

total product inventories

ended August at 179 mb, standing 13.7 mb lower than the

same time a year ago and 3.8 mb lower than the seasonal norm.

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

Change

Jun 17

Jul 17

Aug 17

Aug 17/Jul 17

Aug 16

Crude oil

1,534

1,531

1,506

-24.7

1,507

Products

1,482

1,481

1,490

8.7

1,583

Total

3,016

3,012

2,996

-16.1

3,090

Days of forward cover

63.0

63.2

63.2

0.0

65.3

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

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