Dwindling stocks set to overtake OPEC oversupply

At what point do shrinking inventories of oil and overproduction by the Organization of Petroleum Exporting Countries cease to cancel each other out?The outlook for demand, pushed largely by the economy, dictates the former; OPEC's need to defend price will determine the latter.In the most recent report at presstime by the American Petroleum Institute, crude oil stocks fell by almost 4 million bbl the first week in August and reached their lowest level since October 2001.US stocks of crude and inventories have fallen by 22 million bbl since the end of March, noted Aaron Brady, senior analyst with Boston-based think tank Energy Security Analysis Inc. Inventories in the Petroleum Alloca...

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