[IEA]：Oil Market Report - September 2017

2Q17 Growth: Global oil demand grew by 2.3 million barrels per day (mb/d) or 2.4% year-on-year.
2017 Estimate: The growth estimate has been revised upward to 1.6 mb/d.
OECD Demand: Stronger than expected, particularly in Europe and the US.
Hurricanes Impact: Hurricanes Harvey and Irma are expected to slow US oil demand growth in 3Q17.

August Fall: Global oil supply fell by 720 thousand barrels per day (kb/d) due to unplanned outages and scheduled maintenance, mainly in non-OPEC countries.
Supply Level: Supply dropped to 97.7 mb/d, marking the first decline in four months.
Year-Over-Year: Compared to last year, output was up by 1.2 mb/d as non-OPEC countries showed substantial growth.
Cooperation: Ten non-OPEC countries cooperating with production cuts achieved more than 100% compliance for the first time.

August Decline: OPEC crude output fell in August for the first time in five months, due to renewed turmoil in Libya disrupting flows and others pumping less.
Output Level: Output decreased by 210 kb/d from a 2017 high to 32.67 mb/d.
Compliance Rate: The 12 OPEC members bound by the supply pact raised their compliance rate to 82% from 75% in July. For the year, their compliance rate is 86%.

July Levels: OECD commercial stocks remained unchanged at 3,016 million barrels (mb).
Five-Year Average: The surplus over the five-year average fell to 190 mb.
Impact of Harvey: OECD product stocks were only 35 mb above the five-year average at the end of July and could soon fall below it due to the impact of Hurricane Harvey.

Third Quarter: Refinery throughput forecast for 3Q17 was revised down by 0.7 mb/d due to Hurricane Harvey's impact.
Second Consecutive Quarter: This resulted in global refined product undersupply for the second consecutive quarter.
Fourth Quarter: Throughput will reach another record level at 80.9 mb/d as refiners respond to higher margins in the tight product markets.

Demand: Strong growth in global oil demand, particularly in OECD countries, but slowed by hurricanes.
Supply: Decrease in global oil supply due to outages and maintenance, with non-OPEC countries showing significant growth.
OPEC: OPEC output fell for the first time in five months, with improved compliance rates among member countries.
Stocks: OECD commercial stocks remained unchanged, while product stocks were near the five-year average.
Throughput: Refinery throughput is expected to increase significantly in the fourth quarter due to higher margins.