Combined stocks of crude and products in the US, EU 16 and Japan declined in August for the frst time since the Covid-19 pandemic peaked earlier this year. Recovering demand and impressive compliance by the Opec+ group look to have contributed to the stockdraw, but this will need to be maintained over a prolonged period to fully erode the surplus accrued since March. Crude and products inventories remain around 168mn bl above the fve-year average, having been efectively level with the fve-year median for much of 2019.
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