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Stock Draw Set To Accelerate But “Much Work Remains To Be Done” – IEA

Oil

The cut to global crude oil supplies by OPEC and some non-OPEC countries does appear to be reducing global oil inventories and if OPEC production is maintained around April’s level of 31.8M b/d, a global stock draw of 0.7M b/d is implied for 2Q17, according to the International Energy Agency’s (IEA) May Oil Market Report. However, the organisation cautions that while an extension to cuts and expectations for higher crude runs could see the stock draw accelerate in 2H17, stocks may still not have fallen to their five-year average by the end of 2017. Furthermore, rising output from countries such as Libya, Nigeria and particularly the US could also boost global crude oil supplies and in turn limit the scale of any stock draws.