Global oil stocks rise, but IEA says OPEC curbs may create H1 deficit

15 Mar 2017   IEA, Oil Supply, OPEC

Global oil inventories rose for the first time in six months in January, despite OPEC’s production cuts, but if the group maintains its output limits, the market may tilt into deficit in the first half of 2017, the International Energy Agency said on Wednesday. The IEA said crude stocks in the world’s richest nations rose in January for the first time since July by 48 million barrels to 3.03 billion barrels. “The actual build in OECD stocks in January reminds us that it may be some time before global stocks start to fall,” the agency said. Compliance by the Organization of the Petroleum Exporting Countries with its agreed output cut of 1.2 million barrels per day in the first half of this year […]

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