Stocks below fve-year average

摘要

Onshore oil inventories in the US, Europe and Japan were nearly 40mn bl below their fve-year average in June as the markets remained tight. Crude and product stocks in the US, EU 16 and Japan stood at 2.45bn bl last month, down by 160mn bl, or 6pc, compared with December 2016 - the month before Opec’s agreement with its non-Opec allies to cut production by 1.7mn b/d came into force. Opec production in the second quarter averaged around 32.15mn b/d, down by 1.6mn b/d compared with the fourth quarter of 2016. Non-Opec supply has risen by only 1.45mn b/d over the period. The tightening of the oil market helped push inventories to 38mn bl below their fve-year aver- age last month, down from 255mn bl above the average in December 2016. The defcit to the fve-year average narrowed in June, from 42mn bl in May, but this was mainly because of a lower fve-year average.