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IEA Sees Oil Market Moving Back Into Balance

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OPEC may attract new members to oil production cut deal

"Oil markets have started to rebalance", said the IEA, adding prices were "pointing to firmer fundamentals".

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

USA gasoline prices, however, fell despite a record drawdown in inventories of the motor fuel. Gasoline inventories fell more than anticipated-by 7.896 million barrels for the week ending September 8, against an expected draw of 4.0 million barrels.

The agency, which coordinates the energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day from 1.5 million bpd.

Traders also weighed weekly data from the US government which revealed a smaller-than-expected rise in crude supplies, a hefty drop in gasoline stockpiles and a jump in domestic output as production in the Gulf of Mexico recovered in the wake of disruptions from Hurricane Harvey.

The US Energy Information Administration's (EIA) data showed a build of 5.9 million barrels of crude last week, exceeding expectations for a 3.2 million-barrel hike.

USA crude settled up $1.07, or 2.2 percent, to $49.30 per barrel and Brent crude was up 89 cents to $55.16 a barrel. The largest refinery in the United States, in Port Arthur Texas, was running at reduced rates, sources told Reuters. U.

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Data from the Energy Information Administration shows a build in USA crude inventories last week of 5.9 million barrels, exceeding expectations.

The Paris-based IEA's monthly report noted that the US reliance on the Gulf Coast makes it vulnerable to events like Harvey.

OPEC released its monthly oil market report on September 12, 2017. This will support efforts by Opec countries and other producers including Russian Federation, that have combined forces to curb global supplies by around 1.8m b/d to ease inflated oil stockpiles and boost prices.

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Global oil supply meanwhile fell in August by 720,000 b/d on unplanned outages and scheduled maintenance, mainly from countries outside of the Opec cartel, the IEA said.

The agency said global oil supply dropped 720,000 barrels a day last month from July, to 97.7 million barrels a day, largely due to those disruptions to USA production due to Hurricane Harvey and supply disruptions in Libya.

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