OPEC could achieve its goal of eliminating the oil inventory surplus this month. But the goal posts will now move to another metric in order to justify keeping the production limits in place in order to drive prices higher. As of February, the OECD commercial stocks stood at 2,841 million barrels, just 30 million barrels above the five-year average. That data came from the IEA’s April Oil Market Report, which publishes the inventory data on a two-month lag. Because we are largely looking through the rearview mirror at the inventory data, the stock surplus could be zeroed out this month, the IEA said , although we won’t know for a few more weeks. The precise moment when inventories reach the five-year average – OPEC’s stated goal as part of its production cut agreement – is a bit beside the point. Whether it occurs in May or June doesn’t matter […]