Slide 5 of 15
Notes:
OECD oil inventory levels are not expected to rise sufficiently during the rest of the year to match the average levels seen prior to the wide swings since 1995. This means that global inventories will still be relatively tight this winter, and that there will be a lack of flexibility in the world oil system to react to a disruption in oil supplies somewhere or an extreme cold snap during the upcoming winter.
The fact that inventories are at relatively low levels is all the more evident if stocks are viewed on a forward-cover or days-supply basis. Thus, prices are likely to remain relatively high in comparison with historical averages.
