Oil surpluses have had significant reduction

A surplus of oil in stocks has dropped significantly in the last year to 74 million barrels above the average five years due, in part, to a production cut agreement led by the Organization of Oil exporting Countries (OPEC), said a chief of Cartel research.

Oil inventories in the developed OECD economies, which were 340 million barrels above the five-year average in January 2017, fell to 74 million barrels last month, said Ayed Al Qahtani, at an industry conference.

OPEC is reducing production by about 1.2 million barrels a day as part of an agreement with Russia and other producers outside of OPEC. The pact began a year ago and will be in effect until the end of 2018. OPEC's stated goal is to reduce oil stocks to an average of five years, although Saudi Arabia has indicated that the target could be reviewed. Source. 

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