The oil market was choppy yesterday. ICE Brent traded in almost a US$4/bbl range, although settled almost unchanged on the day. We had a number of data releases, including the IEA’s and OPEC’s monthly oil market reports. The IEA estimates that Russian crude oil supply fell by nearly 1MMbbls/d in April and expects that as we move through the year, we could see Russian oil output fall by around 3MMbbls/d over 2H22. However, the agency expects that severe deficits will be avoided due to growth in output from the US and Middle Eastern OPEC+ countries. The IEA estimates that ex-Russia oil production will grow by ... (full story)