Global oil supply is set to fall to a nine-year low, according to estimates by the International Energy Agency. Producers across the world have been cutting production in response to very low oil prices, including in Opec countries, Russia, the USA and Canada, with the North American countries cutting production even faster than anticipated. Globally, May production is expected to be around 88 million barrels of oil per day, a fall of 12 million barrels/day, with all major producing countries contributing significantly to the cuts, which have in turn led to somewhat higher prices for oil (with the Brent crude index reaching US$30/barrel this month, after being below US$20 last month). Adding to the slightly rosier picture are various restrictions on activity across the world being eased, in turn leading to more economic activity. Still, economic activity is nevertheless highly dampened compared to ‘normal’ times, and is likely to be for many months to come.