Non-OPEC countries fulfill agreement by 118% thanks to Azerbaijan

Non-OPEC countries fulfill agreement by 118% thanks to Azerbaijan

Non-OPEC countries fulfill agreement by 118% thanks to Azerbaijan

"OECD demand growth continues to be stronger than expected, particularly in Europe and the USA", the Paris-based IEA said.

IEA also sees demand growth of 1.6 million barrels per day this year, up from 1.5 million bpd in its prior report, on stronger-than-expected demand in the Europe and the U.S.

The American Petroleum Institute, an industry group, reported on Tuesday that USA crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, almost double analysts' expectations. Oman in August reduced production by 43,000 barrels to 0.977 mln with a quota of 45,000 barrels, fulfilling the plan by 95%.

Russia's output made up 316,000 barrels against 300,000 barrels per day.

It was the first fall in global production in four months. Compliance levels in August hit 82 per cent compared with 75 per cent. "For the year as whole their compliance rate is 86 percent", said the report.

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As a result of output declines and stronger demand, global oil stocks are beginning to rebalance, according to the IEA.

Commercial inventories in July in OECD countries totaled 3.0016 billion barrels, a drop of just 5 million barrels from the June total.

The global surplus of crude and stocks over the five-year average fell to 190 million barrels.

Meanwhile, supply-side strains over the last few years have left oil prices at about half what they were three years ago and traders have been watching the level of crude oil stocks held by members of the Organization for Economic Cooperation and Development, which remain above the five-year average and seasonal trends, for signs of market recovery.

XAutoplay: On | OffThe five-year average is a key benchmark for OPEC, as it considers extending its production deal with non-OPEC members like Russian Federation. For 2018, the world will need 32.4 million bpd of crude from OPEC.

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The U.S. Energy Information Administration (EIA) revised its 2017 and 2018 U.S. oil output forecasts lower to reflect, in part, the effects of Hurricane Harvey.

The IEA also said the impact from Hurricane Harvey on US oil markets in the Gulf Coast was easing and its impact on global markets was likely to be relatively short-lived, although it would possibly help inventories rebalance more quickly.

Meanwhile, the Energy Information Administration will report weekly USA crude stockpile and production data at 10:30 a.m. Wednesday.

However, The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks.

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