INDUSTRIALIZED WORLD FACING oil supply shortage later this year unless OPEC steps up production by 900KB/d: IEA ... US natgas storage 47% below normal for time of year. New NG drilling hampered by lack of pipeline capacity to move it to markets. Several thousand newly-drilled wells waiting for that capacity ... Australia now can export 23M tons/yr of LNG. Plans to near quadruple that by '17. 62M tons/yr export capacity now under construction - almost 2/3 of all LNG cap under construction in world. Country has est. 437TCF shale gas. Fracking just getting started ... Sinopec offering to revive lapsed contract to develop Iran oil field close to Iraq border ... Over 1M bls of Kurd oil shipped from Turkey to Europe last week. Baghdad wants intl arbitration ... Agreement between Bank of China, large Russian bank to pay each other in domestic currencies instead of dollars ... Head of China central bank says country entered period of manageable slowdown. Reforms, enviro protection taking precedence over econ growth ... Combined crude production from Exxon, BP, Shell, Conoco, Chevron, Total down 18.3% '04-'13 to 3.45B bls total ... Exxon affilate discovered new shale oil/gas in Argentina. EIA est. Argentina has 774TCF recoverable NG. Oil reserves est. over 18B bls. Shale deposit holds est. 16.2B bls, 308TCF ... Repsol sold off its stake in YPF ... Argentina appeals court ordered criminal investigation into deal between Chevron, YPF. Argentina president alleged power abuse for allowing comps that invest over $1b in country over 5-yr period to export up to 20% of their production without paying export taxes ... German utilities plan to open 8 new coal power gen plants next 2 yrs ... Welsh mansion/museum now heated with 300Kw heat pump sourced from Irish Sea instead of burning oil. Over $1M system saves ~$67/y in operating costs ... Ecuador to sign $7B finance deal with Chinese banks for new $10B 200Kb/d oil refinery ... Over 1M folks displaced in S Sudan from war. Food crisis looming ... US gasoline production up 9.2% in April to record 9.79Mb/d as exports surge. Distillate fuels output up 12% to 4.95Mb/d ... US consumer energy bills up over 4% last 2Qs year on year ... Masdar PV to cease production by yearend ... Chna Longyuan issuing $481M debt finance ... Philippines' 10Gw clean/renewable energy goal faces $25B funding gap ... A memorable memorial day to ye all. Happy trails, Onward and upward. Gates/Clooney in '16.