The International Energy Agency posted their June Oil Market Report this morning. You have to be a subscriber for the full report but they do post a teaser.
- Strong diesel and crude demand in U.S.
- Demand continues to slow in China and Europe offset by North America and Pacific.
- 2005 demand growth relatively unchanged at 1.78 million barrels per day (mb/d) or 2.2%.
- May output 84.6 mb/d, up .26 mb/d.
- non-OPEC supply estimate for 2005 remains 51.0 mb/d.
- OPEC crude supply was 29.3 mb/d for May.
- Lower Venezuela and UAE output
- Iraq southern production was lower