Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Derek Brower
London
30 July 2015
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Stocks built by 3.3m b/d in second quarter, says IEA

Saudi Arabia is pumping oil at record highs, Iranian supplies are about to hit the market, Iraq’s exports from the south are beating expectations and, across the Atlantic, North American oil production continues to rise

The International Energy Agency thinks stocks were building by 3.3m b/d in the second quarter. Lurking amid that thicket of bearish news, though, is something the bulls still want to latch on to: dwindling spare capacity. For the oil market, Opec’s reserve of quickly producible oil has always been the first defence against supply disruptions or price spikes. Any drop in the level is a reason to buy. Sometimes, the market has seemed to value the spare capacity as much as the actual supply. Take 2008 as an example. As oil prices soared, consumer countries begged Saudi Arabia for more oil. The kingdom obliged – but the market saw the move as bullish. Every extra barrel exported from the kingdom

Also in this section
Andean upstream feels the heat
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
Fifty years of oil trading
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
OPEC+ keeps more barrels off market in April
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
Australia’s post-election energy priorities
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search