Authored by Arthur Berman via OilPrice.com,
Global oil inventories are falling because of OPEC and non-OPEC production cuts, but the road to market balance will be long.
Production cuts have removed approximately 1.8 million barrels per day (mmb/d) of liquids from the world market since November 2016 (Figure 1).
(Click to enlarge)
Figure 1. OPEC-NOPEC Have Cut 1.8 mmb/d Liquids Since November 2016. Source: EIA April 2017 STEO, EIA International Data and Labyrinth Consulting Services,