IEA Sees Oil Inventory Reaching This Key OPEC Target 'Very Soon'

Azerbaijan and Kazakhstan save OPEC deal

The International Energy Agency says that global oil demand will grow at a much faster rate this year than previously estimated.

Within industrialised countries that are members of the OECD oil "product stocks are now only 35 mb above the five-year average", the IEA said in its monthly report.

In May the two sides agreed to extend the cuts for nine more months and officials are starting to talk about extending it further.

"Depending on the pace of recovery for the U.S. refining industry post-(Hurricane) Harvey, very soon OECD product stocks could fall to, or even below, the five-year level", added the IEA.

Strong second-quarter demand has buoyed oil markets, which have been struggling to rebalance as a supply glut has weighed heavily on prices, the IEA said in its September report released Wednesday.

OPEC output fell in August for the first time in five months, after turmoil in Libya disrupted flows and other member countries reduced production. For 2018, the IEA is predicting growth of 1.4 mb/d, or 1.4 per cent.

By 1021 GMT, global benchmark Brent crude LCOc1 was up 27 cents, or 0.5 percent, at $54.54 a barrel.

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US crude futures rose 0.9% to $48.68 per barrel.

Shares of Exxon Mobil (XOM) were up 0.1% in premarket trading on the stock market today.

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Commerzbank said in a note that the OPEC and EIA reports "came as a positive surprise and should really support prices".

Meanwhile, the Energy Information Administration will report weekly US crude stockpile and production data at 10:30 a.m. Wednesday.

The IEA the impact of Hurricane Harvey, which struck the US Gulf Coast at the end of August where significant US refinery and export operations are concentrated, on oil markets should be brief.

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