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Stock Movements

82

OPEC Monthly Oil Market Report – September 2017

OECD Americas

Total commercial stocks

in OECD Americas fell by 28.2 mb in July for the sixth consecutive month to stand

at 1,578 mb, which was 58 mb below a year ago, but 135 mb higher than the seasonal norm. Within the

components, crude and products stocks fell by 21.0 mb and 7.2 mb, m-o-m, respectively.

At the end of July,

commercial crude oil stocks

in OECD Americas fell, ending the month at 812 mb, which

was 29.5 mb below the same time one year ago and 96 mb above the latest five-year average.

The drop in commercial crude stocks was mainly driven by higher refinery runs combined with lower crude

imports.

Commercial product stocks

in OECD Americas also fell by 7.2 mb, m-o-m, in July, reversing the massive

build of the last three months. At 766 mb, they were 28 mb less than the same time one year ago, but 39 mb

higher than the seasonal norm. This drop was mainly driven by higher US consumption, especially gasoline

demand during driving season.

OECD Europe

OECD Europe’s

total commercial stocks

rose by 5.3 mb in July, ending the month at 1,003 mb, which was

25 mb lower than the same time a year ago and 68 mb above the latest five-year average. Crude and

product stocks rose by 3.0 mb and 2.4 mb, m-o-m, respectively.

OECD Europe’s

commercial crude stocks

rose in July to stand at 434 mb, which was 2.9 mb higher than a

year earlier and 34 mb higher than the latest five-year average. This build could be attributed to higher

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

OECD Europe’s

commercial product stocks

also rose by 2.4 mb to end July at 569 mb, which was 27 mb

lower than the same time a year ago, but 34 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

rose by 4.1 mb in July to stand at 421 mb, which was

20.7 mb lower than a year ago and 8.4 mb lower than the five-year average. Within the components, crude

and product stocks rose by 2.7 mb and 1.4 mb, m-o-m, respectively.

Crude inventories

ended the month of July at 248 mb, which were 9.1 mb below a year ago and 7.5 mb

below the seasonal norm.

OECD Asia Pacific’s total

product inventories

ended July at 173 mb, standing 11.5 mb lower than the same

time a year ago and 0.8 mb lower than the seasonal norm.

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

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Jul 16

Crude oil

1,535

1,510

1,494

-15.3

1,530

Products

1,505

1,511

1,508

-3.4

1,575

Total

3,040

3,021

3,002

-18.7

3,105

Days of forward cover

63.9

63.2

62.9

-0.4

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.