# 'Mission accomplished': OPEC has succeeded in shrinking oil stocks, IEA says - Financial Post

> The International Energy Agency said OPEC and its allies appear to have achieved their goal of bringing global oil stocks down to the five-year average. It warned that developed-country stocks could reach that level as early as May.

- Date: 2018-04-13 · published 2018-04-13T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/65425-mission-accomplished-opec-has-succeeded-in-shrinking-oil-stocks-iea-says
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

If supply stays restrained and stocks fall to target, markets could tighten, which supports higher crude prices and raises input costs for feed and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-02-10 | [Oil is surging this morning on news that OPEC is cutting output like never before - Financial Post](https://feedsoft.ai/events/72668-oil-is-surging-this-morning-on-news-that-opec-is-cutting-output-like-never.md) | +0.8% | -9.1% |
| WTI | 2019-11-29 | [OPEC oil output falls by 110,000 bpd in November -Reuters survey \| Financial Post](https://feedsoft.ai/events/55956-opec-oil-output-falls-by-110-000-bpd-in-november-reuters-survey-financial-post.md) | +0.5% | +6.2% |
| WTI | 2017-02-10 | [Oil prices climb but North American output surge poses fresh challenge for OPEC - Financial Post](https://feedsoft.ai/events/72666-oil-prices-climb-but-north-american-output-surge-poses-fresh-challenge-for-opec.md) | +0.8% | -9.1% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| WTI | 2017-09-12 | [OPEC production falls to 32.76 million b/d in August \| Oil & Gas Journal](https://feedsoft.ai/events/68867-opec-production-falls-to-32-76-million-b-d-in-august-oil-and-gas-journal.md) | +3.8% | +3.2% |
| BRENT | 2017-02-10 | [Oil is surging this morning on news that OPEC is cutting output like never before - Financial Post](https://feedsoft.ai/events/72668-oil-is-surging-this-morning-on-news-that-opec-is-cutting-output-like-never.md) | +0.2% | -6.2% |
| BRENT | 2019-11-29 | [OPEC oil output falls by 110,000 bpd in November -Reuters survey \| Financial Post](https://feedsoft.ai/events/55956-opec-oil-output-falls-by-110-000-bpd-in-november-reuters-survey-financial-post.md) | +0.2% | +6.5% |
| BRENT | 2017-02-10 | [Oil prices climb but North American output surge poses fresh challenge for OPEC - Financial Post](https://feedsoft.ai/events/72666-oil-prices-climb-but-north-american-output-surge-poses-fresh-challenge-for-opec.md) | +0.2% | -6.2% |

## Sources

- financialpost.com: https://financialpost.com/energy/iea-says-mission-accomplished-for-opec-as-oil-stocks-shrink/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.