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OECD Europe Stock Movements - June 2017

Source: OPEC 6/19/2017, Location: Europe

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OECD Europe’s total commercial stocks fell by 9.5 mb in April, ending the month at 1,005 mb, which is 2.3 mb lower than the same time a year ago, but 68 mb above the latest five-year average. Crude and product stocks fell by 4.2 mb and 5.2 mb, respectively.

OECD Europe’s commercial crude stocks fell in April to stand at 424 mb, which is 2.3 mb higher than a year earlier and 19.7 mb higher than the latest five-year average. This drop was driven by higher refinery throughput, which increased by around 210 tb/d to stand at 10.6 mb/d in April.

OECD Europe’s commercial product stocks also fell by 5.2 mb to end April at 581 mb, which is 4.5 mb lower than the same time a year ago, but 48 mb higher than the seasonal norm. The drop in product stocks could be attributed to higher demand in the region.

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