For Opec world still has great oil supply

Despite all the efforts of the Organization of Petroleum producing countries (Opec) to reduce the supply of the commodity for your appreciation. In fact, oil stocks are falling, but moderately.

According to a monthly report published by the Organization, the global stocks rose 430,000 barrels per day in the quarter ended March 2017. This confirms that the oil surplus is still great.

The International Energy Agency (IEA) says that 986 million barrels of oil have been added to global stocks over the last three years. OPEC estimates the number at 1.2 billion barrels. Part of this volume is necessary to supply new pipelines and provide operational stocks for new refineries, but most are a result of oversupply.

As the Offshore has been following and reporting Landscape, OPEC was already thinking of extending the term of the agreement to cut production of "black gold". On the current data from your latest report is evident the possibility of more cuts. The cartel's next meeting is scheduled to take place in May.


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