OPEC May crude supply rose by 210 kb/d to average 29.18 mb/d, but remains 1.25 mb/d below pre-Libyan crisis levels. Increases from Saudi Arabia, Nigeria, Kuwait and Iraq offset lower UAE and Angolan output. Effective spare capacity stands at 4.01 mb/d. The 2011 ‘call on OPEC crude and stock change’ is revised up by 0.4 mb/d to 30.1 mb/d, and increases by 1 mb/d between 2Q11 and 3Q11.
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