“The oil market is clearly tightening”… IEA

The IEA’s monthly Oil Market Report is out…

“The oil market is clearly tightening; in the three consecutive quarters 2Q17-4Q17 OECD crude stocks fell by an average of 630 kb/d; such a threesome has happened rarely in modern history: examples include 1999 (prices doubled), 2009 (prices increased by nearly $20/bbl), and 2013 (prices increased by $6/bbl). Since the nadir for Brent crude in June when the price was $45/bbl, the 2017 OECD crude draws have coincided with a price increase for Brent of nearly $25/bbl.”

Here is their supply/demand balance:

The IEA Forecasts world demand growth for 2018 at +1.3 compared with +1.7 last year… OPEC is at +1.5 and the EIA is at +1.7… Here is the IEA:

“For 2018, we see growth of 1.3 mb/d, a conservative number that acknowledges the current perception of healthy global economic activity, but also takes into account the fact that benchmark crude oil prices have increased by 55% since June and this can dampen oil demand growth to some extent.”

There is more here:  https://www.iea.org/oilmarketreport/omrpublic/