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IEA

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The Opec-plus alliance's decision to increase supply by 400,000 b/d each month from August looks set to fall short of expected growth in demand as winter approaches in the Northern Hemisphere, the International Energy Agency warns. At the end of July, OECD total industry oil stocks stood at 2,850 million barrels, which was 120.3 million barrels below their pre-Covid-19 2015-19 average. "If confirmed by more definitive data, the draws in August would put OECD industry stocks at an exceptionally tight level below the lower bound of their five-year range," the IEA wrote.

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