OPEC Monthly Oil Market Report – October 2017
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.
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’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
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
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.
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
Aug 17/Jul 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.