API: US crude oil stocks rise 6.2 mln bbls in week

Countries outside of OPEC fulfilled the plan on reducing oil production in August by 118% primarily due to results of Kazakhstan and Azerbaijan, according to the IEA September report.

IEA also sees demand growth of 1.6 million barrels per day this year, up from 1.5 million bpd in its prior report, on stronger-than-expected demand in the Europe and the U.S.

"OECD demand growth continues to be stronger than expected, particularly in Europe and the US", the Paris-based IEA said.

"Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly".

It was the first fall in global production in four months.

The IEA said OPEC crude production fell in August for the first time in five months, thanks to both cuts in production as well as a flare-up in turmoil in Libya disrupting output. Compliance levels in August hit 82 per cent compared with 75 per cent. Their compliance for the year so far was 86 percent.

"OECD commercial stocks were unchanged in July at 3.016 billion barrels, when they normally increase", the IEA said.

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There are signs the global oil market is returning to balance and stocks of oil products in industrialised nations could soon fall below their five-year average, the IEA said Wednesday. But if inventories drop below the five-year average soon, those output cuts may not be prolonged. For 2018 the IEA is forecasting growth of 1.4 million barrels a day (1.4%).

XAutoplay: On | OffThe five-year average is a key benchmark for OPEC, as it considers extending its production deal with non-OPEC members like Russian Federation.

Analysts surveyed Monday by S&P Global Platts expect USA crude stocks rose 10.1 million barrels. In its latest market report, the IEA said the severe weather should still serve as a warning to the oil sector.

Supply is also said to have been hampered by Hurricane Harvey in the USA, which caused refineries to shut.

The International Energy Agency could have coordinated a broader release from strategic stockpiles, but said at the peak of Harvey's impact that government efforts were working.

"With U.S. export volumes expected to increase, the strategic importance of the Gulf Coast will only grow".

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