Latest Oil Market Report from IEA

May world supply fell by 565 kb/d to 84.9 mb/d. Seasonal OECD stoppages compounded weaker OPEC crude supply, notably in Nigeria, where outages are near 800 kb/d. Non-OPEC 2007 output is trimmed by 110 kb/d to 50.2 mb/d, with growth of 0.9 mb/d this year.