United States crude oil stocks rise 6.2 mln bbls in week - API

Ivan Schwartz
September 13, 2017

According to the IEA's September report, non-OPEC countries fulfilled the plan to reduce production in August by 118% at the expense of Kazakhstan and Azerbaijan, the September report of the IEA said. The IEA said that the impact of Hurricane Harvey could drive refined product stockpiles below the five-year average by next month's report.

OPEC and a number of other producers including Russian Federation agreed past year on production cuts to ease a global supply glut, but prices haven't risen much above $50 per barrel as compliance has been a problem.

There are signs the global oil market is returning to balance and stocks of oil products in industrialised nations could soon fall below their five-year average, the IEA said Wednesday.

The International Energy Agency could have coordinated a broader release from strategic stockpiles, but said at the peak of Harvey's impact that government efforts were working. But if inventories drop below the five-year average soon, those output cuts may not be prolonged.

Also ahead, the Organization of Petroleum Exporting Countries' monthly report to assess global supply and demand levels is due.

OPEC output fell in August for the first time in five months, after turmoil in Libya disrupted flows and other member countries reduced production. Demand rose by 2.3 million barrels a day in the second quarter of this year. Compliance with agreed production cuts among the 12 members bound by the pact rose to 82 percent from 75 percent in July.

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Kazakhstan exceeded the plan thrice, cutting production in August by 54 thousand barrels per day with a quota of 20 thousand.

The International Energy Agency says that global oil demand will grow at a much faster rate this year than previously estimated.

Hurricane Harvey, which raged through Texas and parts of Louisiana late in August, forced the shutdown of about a quarter of USA refining capacity as well as ports, pipelines and offshore platforms.

IEA also sees demand growth of 1.6 million barrels per day this year, up from 1.5 million bpd in its prior report, on stronger-than-expected demand in the Europe and the U.S.

Global benchmark Brent crude futures, the benchmark for oil prices outside the US, fell 0.32% to $53.67 a barrel.

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