The newly released IEA Oil Market Report (OMR) for July informs subscribers.

  • Global oil supplies rose by 0.6 mb/d in June,
  • Middle East producers sustained record pumping rates, consolidating market share and pushing OPEC’s total output 510 kb/d above one year ago.
  • Robust European demand supported second quarter 2016 global demand growth at around 1.4 mb/d year-on-year.
  • Crude oil prices eased from an early June peak due to Growing uncertainty over the global economy and the related dollar strength weighed, but the downside was limited by further declines in US production and inventories.
  • Saudi Arabia ramped up to a near-record rate of 10.45 mb/d and Nigerian flows partially recovered.
  • OECD commercial inventories built by 13.5 mb in May to end the month at a record 3 074 mb.

Source:  International Energy Agency