Last month, I was starting to wonder whether global oil supply was beginning to go down again (presumably in response to the slowing of the world economy). The latest OPEC monthly report is now out, and it continues to look like oil supply is faltering. This is now a more extended setback than at any time since the the oil supply recovery began in spring 2009. The graph is above (the black line and the right hand scale are the ones to look at).
I hesitate to say it, but it's hard to look at that graph and not think about the possibility that the global economy is starting to actually contract again.
Those mean bureaucrats at the IEA decided not to mention June's oil supply figure in their free summary, so we will have to wait until later in the month to know what it was (The full report comes out two weeks after publication for the crowd with 2000 euros to spend on getting the report in a timely way). I'll update my full oil supply graph set then.
Admin note: sorry about the three day move-related hiatus there last week. Should be able to resume my normal blogging schedule now.
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