LONDON, April 13 The global oil market is close
to balance after nearly three years of excess supply, as
production cuts by the world's largest exporters offset a
longer-term decline in demand in the richest nations, the
International Energy Agency (IEA) said on Thursday.
The Paris-based agency said preliminary data showed oil
stocks across industrialised nations fell by 17.2 million
barrels in March, resulting in an increase of 38.5 million
barrels, or 425,000 barrels per day (bpd), in the first three
months of the year.
"The net result is that global stocks might have marginally
increased in the first quarter versus an implied draw of about
0.2 million bpd," the IEA said.
Overall crude stocks in member countries of the Organisation
for Economic Cooperation and Development fell by 8.1 million
barrels in February to 3.055 billion barrels, still 330 million
barrels above the five-year average, the IEA said.
(Reporting by Amanda Cooper; Editing by Jason Neely and Dale