Reduced oil production and increased demand

Photo of numerous oil pumps in California

In a press release dated June 14th 2016 IEA (International Energy Agency) announced that the world oil supply dropped almost 800 000 barrels per day (0,8 mb/d) in May 2016 which according to IEA is 590 000 barrels per day (0,59 mb/d) less than in May 2015. At the same time it is reported that the global oil demand  is expected to increase by 1,3 mb/d in 2016.

OPEC on the other hand reports June 13th. that the global oil demand is expected to increase by 1,2 mb/d in 2016

Highlights from IEA June 2016 market  report you can find here:

Full versions of previous IEA market reports you may find here:

The OPEC monthly oil market report dated June 13th 2016 you can find here:

(Photo by: CGP Grey/ CC Attribution 2.0 Generic)