OPEC’s own research team sees that pact continuing to drain global stockpiles throughout 2020. ADOPEC’s latest forecast shows global oil inventories falling at an average rate of almost 100,000 barrels a day over the course of this year assuming the December deal is implemented as agreed and runs through March. ADThe same differences are apparent in the views of the three agencies on the effectiveness of the OPEC+ output cuts since they were introduced at the start of 2017. After initial draws in 2017, stockpiles were replenished the following year and then remained essentially flat in 2019. That puts inventories at between 8.9 million barrels (IEA) and 17.5 million (OPEC) above the average level for the last five years.

Source: Washington Post January 20, 2020 14:08 UTC