Oil outages take 3.6 MMBOPD off the market in May
Unplanned global oil supply disruptions reached their highest monthly level since 2011 when the EIA began tracking to what extent oil outages were affecting output. From April to May, disruptions grew by 0.8 MMBOPD, averaging more than 3.6 MMBOPD, the agency reported.

The majority of the increased outages in May came from Canada, Nigeria, Iraq, and Libya—more than offsetting barrels coming back to the market from Kuwait, Brazil and Ghana. Along with rising oil demand and falling U.S. crude ...


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