According to the June IEA report, the global oil supply overall was down 0.8 mb/d for last month, due to outages in both OPEC and non-OPEC nations. Output was at 95.4 mb/d, which is 590 kb/d down from last year. Next year should see a modest rebound of 0.2 mb/d for Non-OPEC supply growth, after seeing a drop of 0.9 mb/d this year. OPEC crude dropped to 32.61 mb/d due largely to the activity of the militants in the Niger River Delta, although Iran is becoming OPEC’s “fastest source of supply growth this year, with an anticipated gain of 700 kb/d.” The wildfires in Canada also contributed to a lack of supply this year. The agency is also keeping a close eye on Venezuela, where the declining national situation could affect that nation’s oil industry. The IEA notes that growth in the first quarter of 2016 has been revised […]