C:\Annual Report 1998\AR1998 fo - Peace Palace Library

Oil Market Developments
Table 7
FSU Net Oil Exports
m b/d
1Q 2Q 3Q 4Q Year
1995 2.16 2.71 2.76 2.30 2.48
1996 2.41 2.89 2.91 2.94 2.79
1997 2.81 2.92 2.88 2.88 2.87
1998 2.77 3.01 3.18 3.2 3.04
Table 8
Opening Stock Level (outside FCPEs)
m b
1Q98 2Q98 3Q98 4Q98
OECD onland commercial 2,652 2,631 2,763 2,790
OECD SPR 1,202 1,200 1,224 1,234
OECD total 3,854 3,831 3,987 4,024
Other onland 1,031 1,025 1,066 1,076
Oil on water 840 820 836 859
Total stocks 5,725 5,675 5,889 5,959
Stock Movements
OECD onland commercial oil stocks witnessed a further buildup during 1998 of 67m b to 2,719m b (Table
8), equivalent to an average daily rate of 184,000 b/d. Also, commercial oil inventories in DCs showed
a stock buildup of 29m b to 1,060m b, or 79,000 b/d.
Balance of Supply and Demand
The 300,000 b/d growth in demand in 1998 was in excess of the slight fall in non-OPEC supply. This
resulted in an average balance of 26.3m b/d, which was 300,000 b/d higher than in 1997.
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