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Oil market highlights
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Crude oil price movements
Commodity markets
World economy
World oil demand
World oil supply
Product markets and refinery operations
Tanker market
Crude and Refined Products Trade
Commercial Stock Movements
Balance of supply and demand
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2025
March 2025
Feature Article: Assessment of the global economy
February 2025
Feature Article: The impact of monetary policies on the oil market
January 2025
Feature Article: Oil market outlook for 2026
2024
December 2024
Feature Article: Review of 2024 and outlook for 2025
November 2024
Feature Article: Global oil inventory developments
October 2024
Feature Article: Winter oil market outlook
September 2024
Feature Article: Review of world economic developments
August 2024
Feature Article: Crude and product price movements in 1H24
July 2024
Feature Article: Monetary policies impact on oil market
June 2024
Feature Article: World oil market prospects for the second half of 2024
May 2024
Feature Article: Non-Declaration of Cooperation (Non-DoC) oil supply developments
April 2024
Feature Article: Global oil demand in summer months of 2024
March 2024
Feature Article: Assessment of the global economy
February 2024
Feature Article: Review of global oil demand trends
January 2024
Feature Article: Oil market outlook for 2025
2023
December 2023
Feature Article: Review of 2023 and outlook for 2024
November 2023
Feature Article: Global oil market fundamentals remain strong despite exaggerated negative sentiments
October 2023
Feature Article: Winter oil market outlook
September 2023
Feature Article: A review of world economic developments
August 2023
Feature Article: Crude and product price movements
July 2023
Feature Article: The outlook for the oil market in 2024
June 2023
Feature Article: World oil market prospects for the second half of 2023
May 2023
Feature Article: Non-OPEC oil supply development
April 2023
Feature Article: Summer oil market outlook
March 2023
Feature Article: Assessment of the global economy
February 2023
Feature Article: Review of global oil demand trend
January 2023
Feature Article: Monetary policies and their impact on the oil market
2022
December 2022
Review of 2022; outlook for 2023
November 2022
Global oil inventory developments
October 2022
Winter oil market outlook
September 2022
Review of the world economic development
August 2022
Crude and product price movements
July 2022
The outlook for the oil market in 2023
June 2022
World oil market prospects for the second half of 2022
May 2022
Non-OPEC oil supply development
April 2022
Summer Oil Market Outlook
March 2022
Assessment of the global economy
February 2022
Review of global oil demand trend
January 2022
Monetary policies and their impact on the oil market
2021
December 2021
Review of 2021; outlook for 2022
November 2021
Development of global oil inventories
October 2021
Winter oil market outlook
September 2021
Assessment of the global economy in 2021 and 2022
August 2021
Crude and product price movements
July 2021
The outlook for the oil market in 2022
June 2021
World oil market prospects for the second half of 2021
May 2021
Non-OPEC oil supply development
April 2021
Summer oil market outlook
March 2021
Assessment of the global economy
February 2021
Review of global oil demand trend
January 2021
Monetary policies and their impact on the oil market
2020
December 2020
Review of 2020, outlook for 2021
November 2020
Development of global oil inventories
October 2020
Winter oil market outlook
September 2020
Assessment of the global economy in 2020
August 2020
Crude and product price movements
July 2020
The outlook for the oil market in 2021
June 2020
World oil market prospects for the second half of 2020
May 2020
Non-OPEC oil supply development
April 2020
Summer oil market outlook
March 2020
Assessment of the global economy
February 2020
Review of global oil demand trend
January 2020
Monetary policies and their impact on the oil market
2019
December 2019
Review of 2019; outlook for 2020
November 2019
Recent developments in global oil inventories
October 2019
Winter oil market outlook
September 2019
Review of global economic development
August 2019
Crude and products price movement
July 2019
Oil market outlook for 2020
June 2019
World oil market prospects for the second half of 2019
May 2019
Non-OPEC oil supply development
April 2019
Summer oil market outlook
March 2019
Review of global economic development
February 2019
Review of global oil demand trend
January 2019
Monetary policies and their impact on the oil market
2018
December 2018
Feature article: Review of 2018; outlook for 2019
November 2018
Recent developments in global oil inventories
September 2018
Feature article: Review of global economic development
August 2018
Crude and product price movements
July 2018
Oil Market Outlook for 2019
June 2018
World oil market prospects for the second half of 2018
May 2018
Non-OPEC oil supply development
April 2018
Summer oil market outlook
March 2018
Assessment of the global economy
February 2018
Review of recent global oil demand trends
January 2018
Monetary policies and their impact on the oil market
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February 2019
Review of global oil demand trend
February 2019
Review of global oil demand trend

Stock movements

Summary

Preliminary data for December showed that total OECD commercial oil stocks fell by 10.8 mb m-o-m to stand at 2,851 mb. This was 2.5 mb lower than the same time one year ago, but 28 mb above the latest five-year average. Compared with the seasonal norm, crude indicated a surplus of around 50 mb, while product stocks showed a deficit of 22 mb. In terms of days of forward cover, OECD commercial stocks rose by 0.3 days m-o-m in December to stand at 59.5 days. This was 0.4 days below the same period in 2017 and 0.8 days below the latest five-year average.

Preliminary data for January showed that US total commercial oil stocks rose by 16.8 mb m-o-m to stand at 1,259 mb. At this level, total US commercial stocks stood at 43.8 mb above the same period a year ago, and 45.7 mb higher than the latest five-year average. Within components, crude and product stocks rose by 5.8 mb and 11.0 mb, m-o-m, respectively.

 
 
 
 
 

Table 9-1

OECD’s commercial stocks, mb
    Change  
  Oct 18 Nov 18 Dec 18 Dec 18/Nov 18 Dec 17
Crude oil 1429 1444 1432 -12.0 1411
Products 1430 1417 1418 1.2 1442
Total 2860 2861 2851 -10.8 2853
Days of forward cover 59.5 59.2 59.5 0.3 59.8
 

Table 9-2

US onland commercial petroleum stocks, mb
    Change  
  Nov 18 Dec 18 Jan 19 Jan 19/Dec 18 Jan 18
Crude oil 448.6 441.4 447.2 5.8 419.9
Gasoline 230.0 240.0 257.9 17.9 247.9
Distillate fuel 126.4 129.4 139.0 9.6 141.1
Residual fuel oil 29.8 27.9 28.8 0.9 32.4
Jet fuel 39.3 40.7 41.5 0.8 42.7
Total products 812.2 800.7 811.8 11.0 795.3
Total 1,260.8 1,242.2 1,259.0 16.8 1,215.2
SPR 649.6 649.1 649.1 0.0 664.2
 

Table 9-3

Japanese commercial oil stocks, mb
    Change  
  Oct 18 Nov 18 Dec 18 Dec 18/Nov 18 Dec 17
Crude oil 88.6 86.6 79.4 -7.2 87.5
Gasoline 10.5 11.1 9.3 -1.8 9.4
Naphtha 9.4 10.8 10.4 -0.3 7.9
Middle distillates 31.2 34.0 29.4 -4.6 27.1
Residual fuel oil 13.3 13.9 14.2 0.3 12.5
Total products 64.3 69.7 63.3 -6.4 56.9
Total 153.0 156.3 142.7 -13.5 144.4
 

Table 9-4

EU-15 plus Norwegian total oil stocks, mb
    Change  
  Oct 18 Nov 18 Dec 18 Dec 18/Nov 18 Dec 17
Crude oil 472.0 468.0 470.3 2.3 460.7
Gasoline 108.8 111.6 114.4 2.8 121.1
Naphtha 29.9 30.4 29.9 -0.4 29.4
Middle distillates 403.8 399.2 399.2 0.0 406.6
Fuel oils 64.7 66.9 66.6 -0.3 64.2
Total products 607.2 608.0 610.0 2.0 621.3
Total 1079.2 1076.0 1080.4 4.4 1082.0