Oil Stocks Rose in First Quarter Despite OPEC Cut, IEA Says
- Stockpiles climb on higher OPEC output just before cuts began
- IEA trims global oil-demand forecast as India, Russia slow
Natixis' Deshpande Says Oil Markets Are Rebalancing
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Global oil inventories probably increased in the first quarter despite OPEC’s near-perfect implementation of production cuts aimed at clearing the surplus, the International Energy Agency said.
While cutbacks by OPEC and Russia since January have brought world markets “very close to balance” and should deplete stockpiles in the second quarter, inventories nonetheless expanded “marginally” because of production increases just before the deal took effect, the IEA said in its monthly report on Thursday. The agency lowered estimates for global demand growth because of weaker-than-expected economic activity in India and Russia.