OIL MKT DRIVERS: U.S. Inventories; OPEC’s Targets; Nigeria Pipe

By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Wednesday: U.S. crude stockpiles were said to fall by 1.3m bbl last week, according to API data. Committee of OPEC members and their allies is said to discuss changing the way the group assesses oil stockpiles. Nigeria’s Trans-Forcados pipeline restarted on Tuesday, user says.

U.S. INVENTORIES:

* API is said to report U.S. crude stocks fell 1.33m bbl last week

** Cushing -822k bbl; gasoline +980k bbl; distillates -1.32m bbl

* More definitive EIA data due at 10:30am ET, crude stockpiles forecast -2m bbl according to median of Bloomberg survey

** See more forecasts at ECO ENE

HEADLINES:

* OPEC+ is said to discuss changing way to assess oil stockpiles

** Oil market expected to re-balance in 2Q on higher compliance from producers with output cuts, and summer demand for crude and products: people, asking not to be identified because the two-day JTC discussions that started Tuesday are private

* Nigeria Trans-Forcados oil pipeline restarted May 22: Shoreline
* Iraq Oil Minster Jabbar Al-Luaibi says crude market is ‘stable’
* CHINA OIL DATA: Apparent demand increases; record crude imports
* Crude inventories in ARA region rose 1m bbl in week ended May 18 to 58.7m bbl, Genscape data show
* Iran to maintain crude exports at 2.2m b/d: Lawmaker on Shana
* U.A.E. forces destroy two Houthi boats in Red Sea that were threatening an oil tanker: WAM

To contact the reporter on this story:
Alex Longley in London at alongley@bloomberg.net

To contact the editors responsible for this story:
Alaric Nightingale at anightingal1@bloomberg.net
John Deane