2012 Global Fuel Supply Still Flat

I seem to be the only person paying much attention to this, but I still think it's significant.  May figures for global liquid fuel supply are out from OPEC and the IEA and they continue to show that global supply has increased very little since January (in contrast to the very strong increases in the second half of 2011).  See graph above.

Other things being equal, we would expect this to lead to rising prices.  Instead, prices have been weak/falling as a result of Eurozone fears.  The fears about the eurozone are legitimate, but still, at present the global economy has got to be growing, if a little weaker than normal.  Only Europe is actually contracting at present and that mildly.  Thus, if the fears do not translate into much more pronounced global contraction in reality fairly soon, oil prices could jump up quite a bit.  On the other hand, of course, if Europe does turn into a full-blown financial crisis then they could fall further.

There is a strong Schrodinger quality to the oil markets at present: prices are a superposition of the state in which Europe turns into a major global financial crisis, and the state in which it doesn't.  I wonder how long before the measurement is made?

P.S. Apologies for the weak blogging last week - I was traveling on business and couldn't keep up on it.