OPEC Monthly Oil Market Report – September 2017
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
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.
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.
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.
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.
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
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
Jul 17/Jun 17
Days of forward cover
Note: Totals may not add up due to independent rounding.
Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.