(MEBG) – Western stockpiles of heating may run dry this winter, reports the International Energy Agency in its July 11 Oil Market Report, this despite Saudi Arabia’s declaration last week that it was boosting output by 500,000 bpd.
The report said that deficit in distillate stocks in Europe could deepen
from 47 million barrels at the end of the second quarter to 58 million barrels by the end of the fourth quarter. In the United States the deficit could widen from 28 million barrels at the end of the second quarter to 57million barrels by the end of the fourth quarter.
