OPEC recently released “in September the international oil market report” shows that the oil reserves of U.S. goods in August were added to 1840 million barrels. Among them, the refined oil reserve growth in the most vigorous, and reached 1470 million barrels; an increase of 370 million barrels of crude oil reserves. Currently the overall level of reserves of oil of U.S. goods than in the past 5 years, the average level of reserves above the 1.23 billion barrels.

Report maintained in 2010 and 2011 world oil demand growth of 100 million barrels / day expected. At the same time that India, China, Latin America, Middle East and other non-OECD countries and regions, world oil demand growth will remain the main driving force.

Because the aggravation of global economic growth, most OECD countries started to slow down economic growth, while economic growth in major developing countries are still accelerating, the report on world economic growth in 2010 is expected, though still remained at 3.9%, but the 2011 World economic growth is expected down to 3.6%. Gradually disappear as the economic stimulus, the report will be the next two years the United States and Japan’s economic growth down to 2.6%, respectively, 2.3% and 2.5%, 1.3%.

The report predicts that by 2010 the market demand for OPEC crude oil 2860 barrels / day, last month lowered by 10 million barrels / day. Also forecast 2011 demand for OPEC crude oil market for 2880 barrels / day also reduced by 10 million barrels from last month / day. This year and next, liquefied natural gas and non-OPEC conventional oil production will reach 480 million barrels / day and 530 barrels / day. August, the average OPEC crude oil production was 2915 barrels / day, down by 5 million barrels / day. 2010 will report on crude oil production growth in non-OPEC forecast to further increase of 13 million barrels / day, is expected to grow by 90 million barrels / day. 2011 while the growth of non-OPEC production has increased by 10 million barrels / day, up to 40 million barrels / day.

After driving travel season, the OECD countries and regions are still significantly higher than the oil reserves of the historical average, which makes oil market is still facing great pressure, especially in the United States and Europe. Although the intermediate strong demand for distillate products, to some extent inhibited the further decline in refining margins, but the status of oil inventories are too high the duration of this inhibition will be tested. The report, even if the season entering the fourth quarter oil demand, refinery capacity utilization if the reduction can not ease the pressure of high inventory, finished oil market downturn will be difficult to change the state.

August, the OPEC basket of crude oil trading at 70 dollars / barrel -79 U.S. dollar / barrel range variable, the average monthly price of $ 74.15 in the final freeze frame / barrel, higher than the July average price of a $ 1.64 transaction. Meanwhile, the August New York Mercantile Exchange crude oil market, the average transaction price of 76.67 U.S. dollars / barrel, up $ 0.28 the previous month. London Brent crude was trading at 77.12 U.S. dollars / barrel, up $ 1.76 the previous month.

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