I think this month, with a fall in production in May, the data raise the question more urgently. With the sharp drop in prices also (see graph below), I think there has to be a question whether the sovereign debt crisis is starting to weigh on the global economy and lower global oil consumption and production. The IEA suggest an alternative explanation:
Total oil supply fell by an estimated 575 kb/d to 86.3 mb/d in May, with lower non-OPEC output due to seasonal maintenance.Maybe so. It will be very interesting to follow the June data.