Oil stocks in the OECD countries are likely to have moved above the five-year average in October and could rise by 700,000 b/d in the fourth quarter, largely on the back of surging US output, the International Energy Agency said Wednesday. the IEA also raised its estimates of non-OPEC oil supply growth for 2018 and 2019, to 2.4 million b/d and 1.9 million b/d respectively, a 200,000 b/d upward revision for this year and 100,000 b/d revision for next year compared with last month’s report. Consequently, the IEA lowered its estimate of the “call” on OPEC, or the need for OPEC’s crude oil, to 31.3 million b/d for next year, a 300,000 b/d reduction from last month’s report, with the call for this year lowered by 100,000 b/d to […]