- Costly oil due not only risks/speculation; supply tight.
- High prices likely to have damaging, lasting economic impact.
- Worst policy response to hike oil subsidies, cut taxes.
- 2008 global demand forecast trimmed by 80 kbd to 86.8 mbd.
- 2008 Non-OPEC supply forecast cut by 300 kbd to 50.0 mbd.
- Global oil supply rose 490 kbd in May to 86.6 mbd.
- OPEC crude output up 395 kbd in May to 32.3 mbd.
- OECD oil stocks down 8.1 mb in April - an atypical decline.