The Brent oil price pulled back last night to $64.88 as I write for no apparent reason. The only news on the night was a bullish report from the IEA:
Global oil supplies fell by 155 000 barrels per day (155 kb/d) in May to 96 million barrels per day (mb/d) on lower non-OPEC output, but remained at a steep 3 mb/d above the level of May 2014, the IEA Oil Market Report(OMR) for June informed subscribers. Annual growth slowed marginally from March and April and remained roughly split between non-OPEC and OPEC countries. The June issue raised the forecast of non-OPEC supply growth for 2015 by 195 kb/d to 1 mb/d.
OPEC supply edged up 50 kb/d in May to 31.33 mb/d, the highest rate since August 2012. Saudi Arabia, Iraq and the United Arab Emirates pumped at record monthly rates to keep output more than 1 mb/d above OPEC’s official supply target for a third month running. Oil ministers agreed to maintain that target at their 5 June meeting.
