Figure 1. Crude oil price vs. stocks. During the first half of the year OPEC succeeded in balancing production and stocks to sustain their basket crude marker price in the targeted $22 to $28 range. Correspondingly, OECD and US crude oil stocks recovered to normal levels (US >310 MMb) and WTI ranged from $26 to $30 during the second quarter. An unexpected drop in gasoline demand and resumption of Iraq’s 2MMb/d exports were cited as key reasons for recent declines in both crude and gasoline prices.