Friday, June 10, 2011

OPEC MOMR Screws up Supply Graph

The OPEC MOMR is out today.  Usually I comment on the latest global oil supply numbers.  In this case, there seems to be some error and I can't work out what is going on.  They say:

but the graph looks like this:

Note that a) it ends in April, not May, and b) the green line is above 87, in contrast to the text saying that May was 86.77, and therefore April must have been 86.63mb/d.

Guess we got a little rushed there at the end?

Anyway, most likely supply was fairly flat in May.  The IEA will have their numbers next Thursday, so hopefully that will clarify matters.

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