OPEC Monthly Oil Market Report – September 2017
OECD commercial oil stocks fell by 18.7 mb in July to stand at 3,002 mb, which is around 195 mb above the
latest five-year average. Crude and products indicated surpluses of 123 mb and 72 mb above the seasonal
norm, respectively. In terms of days of forward cover, OECD commercial stocks stood at 62.9 days in July,
which is 2.7 days higher than the latest five-year average. Preliminary data for August shows that US total
commercial oil stocks fell by 6 mb to stand at 1,310.4 mb, indicating a surplus of 127 mb above the latest
five-year average. Within the components, crude fell by 19.5 mb, while products rose by 13.6 mb. The latest
information for China showed that total commercial oil inventories decreased by 5.7 mb in July to stand at
380.6 mb. Within the components, crude stocks rose by 2.1 mb, while product stocks were 7.8 mb lower
Preliminary data for July shows that total
OECD commercial oil stocks
fell by 18.7 mb m-o-m to stand at
3,002 mb, which is a reduction for the third consecutive month and is around 103 mb lower than the same
time one year ago, but 195 mb above the latest five-year average. Within the components, crude and
products fell by 15.3 mb and 3.4 mb, m-o-m, respectively. OECD America witnessed stockdraws, while
OECD Europe and OECD Asia Pacific saw builds.
Graph 9 - 1: OECD’s commercial oil stocks
OECD commercial crude stocks
fell by 15.3 mb m-o-m in July for the fourth consecutive month to stand at
1,494 mb, which is 36 mb below the same time a year ago and around 123 mb higher than the latest five-
year average. While OECD Americas stocks witnessed a draw, OECD Europe and OECD Asia Pacific
experienced stock builds in commercial crude.
OECD product inventories
also fell by 3.4 mb m-o-m in July to stand at 1,508 mb, which is 67 mb below
the same time a year ago, but 72 mb above the seasonal norm. OECD Americas witnessed stock draws,
while OECD Europe and OECD Asia Pacific saw stock builds.
In terms of
days of forward cover
, OECD commercial stocks fell by 0.4 days in July to stand at 62.9 days,
which is 2.4 days less than the same period in 2016, but 2.7 days higher than the latest five-year average.
Within the regions, OECD Americas had 3.5 more days of forward cover than the historical average to stand
at 62.1 days in July. OECD Europe stood 2.9 days higher than the seasonal average to finish the month at
69.0 days, while OECD Asia Pacific indicated a deficit of 0.3 days lower than the seasonal norm, averaging
54.0 days in July.
Jan Feb Mar
May Jun Jul
Aug Sep Oct
Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.