In Nigeria, oil major Exxon Mobil suspended exports from the country's biggest crude stream, Qua Iboe, and other producers have also suffered disruptions following acts of sabotage, cutting the country's output to its lowest in decades at around 1.65 million barrels per day (bpd).

The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected, likely shifted into deficit in May, driven by both sustained strong demand as well as sharply declining production.

In the United States, crude production has fallen to 8.8 million bpd, 8.4 percent below 2015 peaks as the sector suffers a wave of bankruptcies.
And in China, output fell 5.6 percent to 4.04 million bpd in April, compared with the same time last year.
Countering these disruptions, supply rose from the Organization of the Petroleum Exporting Countries (OPEC) following the lifting of sanctions against Iran which triggered a race for market share between Tehran and OPEC-rivals like Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.

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