A gas flame in the desert near the Khurais oil field, about 160 kilometers from… Global crude markets have undergone an “extraordinary transformation,” swinging from a major surplus to near balance in the second quarter of this year, but record high oil stocks are threatening the recent stability of prices, the International Energy Agency said Wednesday. “Despite the regular upwards revisions to demand that we have seen in recent reports there are signs that momentum is easing; and, although stocks are close to topping out, they are at such elevated levels, especially for products,” the IEA said in its closely watched monthly oil-market report. “We may well see crude oil stocks fall back but there is a risk that, unless demand turns out to be stronger than we currently anticipate, products stocks could rise still further and threaten the whole price structure,” it said. Commercial stocks of oil in […]