Demand improves, though oil inventories still high, OPEC says

13 Sep 2017   OPEC

While global crude oil inventories remain above the five-year average, demand could eat into the surplus because of better-than-expected growth, OPEC said. Economists at the Organization of Petroleum Exporting Countries said in their monthly market report for September that total commercial oil stocks for members of the Organization for Economic Cooperation and Development was 195 million barrels above the five-year average and 123 million barrels above the seasonal norm. OPEC and handful of non-member states, notably Russia, started implementing an agreement in January aimed at draining the five-year surplus through coordinated production declines. That deal runs through March and could be extended. Secondary sources reporting to OPEC economists found total OPEC production in August was down about 79,000 barrels […]

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