International Energy Agency out with their monthly report 13 July
- output may be gushing but profits are not
- compliance with OPEC cuts slips to 78% in June vs 95% in May
- Non-OPEC compliance 82%
- Algeria, Iraq, UAE and Venezeula pump more than allowed
- 2017 global oil demand growth forecast revised up by 100k bpd to 1.4mln bpd
- global oil stocks fell in May to 266mln barrels above 5 year average vs 300 mln in April
- sees hefty stock draw later in 2017 provided there is strong compliance with OPEC cuts and even if Libya,Nigeria output recovers further
- call on OPEC crude to rise steadily through 2017 and reach 33.6blb bpd in Q4
IEA highlighting the fragile conditions still prevailing and less confident on oil market rebalancing.
WTI $45.03 near session lows as is Brent at $47.45 on the bearish price news. USDCAD unfazed and trawling along around 1.2750
More from the IEA here
![](http://az705044.vo.msecnd.net/20170713/oil-output.png)
Output deal cuts on the slide