OPEC Monthly Oil Market Report – November 2017
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
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
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
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
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.
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
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
Sep 17/Aug 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.