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Oil inventories in OECD below 5-year average according to IEA

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Worth mentioning - OECD oil and products inventories are on level of March 2015 -2819 milions of barrels  and actually  symbolic 1 milion barrels below 5-year average.

Is OPEC and non-Opec mission accomplished? Well I dont think so. I think they want to remove a little bit more barrels from the market- iranian and venezuelian situation is favourable and maybe their next target is oil inventories level before the market crashed in 2014? But in my opinion the best and quite realistic option for them is  level of forward daily consumption in OECD  countries in that time.

Let's get used to the idea of 70 $ price floor for nearest future.

Edited by Tomasz

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