At 440.5 million bbl, US crude oil inventories are 3% above the 5-year average for this time of year

At 445 million bbl, US crude oil inventories are 2% above the 5-year average for this time of year,

US crude oil inventories for the week ended June 28, excluding the Strategic Petroleum Reserve, decreased by 1.1 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended May 31, excluding the Strategic Petroleum Reserve, increased by 6.8 million bbl from the previous week, according to data from the US Energy Information Administration.

Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.

"We want to bring inventories down to a more normal levels," Falih said. "We need to stay the course and do that in the weeks and months to come."

Russia sees a range of options that would allow OPEC+ to continue output cooperation until year-end, from easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets.

The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.

According to OPEC's latest monthly oil market report, global oil inventories stood at 2.88 billion barrels in January, about 19.1 million barrels above the five-year average that OPEC is targeting with its current output policy.

US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.