Opec issues warning of potential supply gap

Opec published its latest Monthly Oil Market Report on Friday 10 June. The cartel commented that the markets had been "extremely volatile" in recent weeks as European debt concerns, poor US economic performance and the Japanese earthquake drove weaker-than-expected demand. Opec warned of a potential supply gap in the second half of 2011. It highlighted world demand for oil would average 30.7mn bl/day in the second half of the year, and claimed the world will be undersupplied by 1.73mn bl/day if output is not increased.
Opec