The IEA's monthly Oil Report: global production down by 100,000 b/d in August to 90.8 million b/d. Tehran exports slightly higher last month to 1.1 million b/d. It also reports that global demand increased by 1.2 million b/d in the 2nd quarter. OECD crude stocks increased by only 10 million barrels in July,about half the normal level. Preliminary data suggests that these stocks declined by a counter-seasonal 24 million barrels in August. US crude stocks are running about 50 million barrels higher than normal for this time of year, while Europe is about 55 million barrels lower.
No comments:
Post a Comment