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Rising Oil Storage Supportive of OPEC+ Cuts: Reuters

OIL
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The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2, according to Reuters.

  • OPEC+ will meet June 2 to discuss the voluntary cuts and sources told Reuters earlier in May that output curbs could be extended.
  • Oil stocks among OECD nations were 2.79 billion bbl in March, up 20m bbl on the month and 34m bbl on the year. This is despite OPEC+’s cuts.
  • Steeper than expected inventory rises have weighed on crude prices, with stocks continuing to build in May, despite expectations of a draw.
  • However, supply-demand balances suggest an inventory draw down during H2.
  • JP Morgan expects OPEC+ crude demand to average 43.65m b/d in H2, which would lead to a deficit of 2.63m b/d if the group maintains April’s output level of 41.02m b/d.
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The rising global oil inventories through April may boost the case for OPEC+ to extend its voluntary cuts into H2, according to Reuters.

  • OPEC+ will meet June 2 to discuss the voluntary cuts and sources told Reuters earlier in May that output curbs could be extended.
  • Oil stocks among OECD nations were 2.79 billion bbl in March, up 20m bbl on the month and 34m bbl on the year. This is despite OPEC+’s cuts.
  • Steeper than expected inventory rises have weighed on crude prices, with stocks continuing to build in May, despite expectations of a draw.
  • However, supply-demand balances suggest an inventory draw down during H2.
  • JP Morgan expects OPEC+ crude demand to average 43.65m b/d in H2, which would lead to a deficit of 2.63m b/d if the group maintains April’s output level of 41.02m b/d.