OPEC MOMR November 2017
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Stock Movements

OPEC Monthly Oil Market Report – November 2017


OECD Americas

Total commercial stocks in OECD Americas

fell by 10.4 mb in September for the fourth consecutive

month to stand at 1,569 mb, which was 52 mb below a year ago, but 113 mb higher than the seasonal norm.

Within the components, crude rose by 5.6 mb, while product stocks fell by 16 mb.

At the end of September, commercial

crude oil stocks

in OECD Americas rose, ending the month at

816 mb, which was 8 mb below the same time one year ago, but 100 mb above the latest five-year average.

Lower crude oil imports combined with lower refinery crude runs were behind the build in OECD crude oil


In contrast, commercial

product stocks

in OECD Americas fell by 16.0 mb in September, reversing the

stock build of the last two months. At 753 mb, they were 48 mb less than the same time a year ago but

13 mb higher than the seasonal norm. This build was driven mainly by higher consumption in OECD


OECD Europe

OECD Europe’s

total commercial stocks

fell by 11.8 mb in September, ending the month at 978 mb,

which was 18 mb lower than in the same time a year ago, but 41 mb above the latest five-year average.

Crude and product stocks fell by 3.2 mb and 8.6 mb, respectively.

OECD Europe’s commercial

crude stocks

fell in September by 3.2 mb to stand at 425 mb, which was

1.2 mb higher than a year earlier and 27 mb higher than the latest five-year average. This drop was mainly

attributed to higher refinery throughput in September compared with the previous month.

OECD Europe’s commercial

product stocks

also dropped by 8.6 mb to end September at 553 mb, which

was 19 mb lower than the same time a year ago, but 14 mb higher than the seasonal norm. The fall in

product stocks was driven by higher consumption in the region.

OECD Asia Pacific

OECD Asia Pacific’s

total commercial oil stocks

fell by 1.4 mb in September to stand at 438 mb, which

was 12 mb lower than a year ago and 0.6 mb lower than the five-year average. Within the components,

crude and products stocks fell by 0.5 mb and 0.9 mb, respectively.

Crude inventories

ended the month of September at 258 mb, 5.5 mb below a year ago and 2.0 mb above

the seasonal norm. OECD Asia Pacific’s total

product inventories

ended September at 180 mb, 6.9 mb

lower than the same time a year ago and 2.6 mb lower than the seasonal norm.

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


Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sep 16

Crude oil


















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.