EFTA Document EFTA01367356

1 31 May 2015 Integrated Oil US Integrated Oils Crude EnveEitor; overhang One of the lingering challenges in tightening global crude balances, and thus pricing, is the significant crude inventory overhang, with estimated OECD crude inventories currently at 1030 MMbbls (excluding gov't stocks), or 45% above the 5 year average. We anticipate crude inventory levels to increase though mid 2016 as increasing non-OPEC supply is brought on-stream and as US onshore production gradually adjusts