OPEC Data: Oil Stocks in Q2 2016 Began to Decline

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19/08/2016 13:10 WIB

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Difference between Oil Consumption and Production per Quarter 2015-2016

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OPEC Data: Oil Stocks in Q2 2016 Began to Decline

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Difference between Oil Consumption and Production per Quarter 2015-2016

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Data from the Organization of the Petroleum Exporting Countries (OPEC) indicates that global crude oil stocks are beginning to dwindle. Their August report shows a surplus of 1.17 million barrels per day (bpd) in the oil balance for the second quarter of 2016. This is the lowest figure in the past year.

OECD statistics show a production decrease of 28.9 million barrels in June compared to May. Therefore, to meet the continuously increasing demand over the next year, available stock is estimated to last only 64.9 days, down from 66.5 days in April. Meanwhile, in several other countries, including the United States, Japan, and China, crude oil stocks increased in July.

OPEC's crude oil demand this year is projected at 31 million bpd, a 1.9 million bpd increase compared to 2015. In 2017, consumption is expected to reach 33 million bpd, an increase of 1.2 million bpd.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."