Steady global crude oil supply against a backdrop of slowing growth is continuing to swell OECD commercial crude oil inventories, IEA said in its latest monthly oil report. August inventories were up 28.8mn b to hit 2.9bn bl by the end of the month, nearly double the 15mn bl five-year average build for August.
Global growth in oil demand is expected to slow to its long term trend of 1.2mn b/d next year after hitting a five year high of 1.8mn b/d in 2015, IEA said.
September crude oil output was steady at 96.6mn b/d in September as increased OPEC crude output offset a dip in Saudi production and lower-non OPEC output, IEA said. OPEC output gained 90,000b/d in September to hit 31.72mn b/d on record Iraqi output.
Slowing forecast demand growth trimmed IEA’s estimate of the demand for OPEC oil by 0.2mn b/d compared to the September IEA forecast.
Global refinery throughputs meanwhile remain strong in Asia and the Middle East in particular, up nearly 2mn b/d from a year ago.
MS – 13/10/2015