Estimate for 2011
The demand estimate for OPEC crude for 2011 remains almost unchanged from the previous assessment, as both non-OPEC supply and demand saw minor upward adjustments. At 30.1 mb/d, demand for OPEC crude was 0.4 mb/d above the 2010 level. The first and second quarters of 2011 saw growth of 0.9 mb/d and 0.2 mb/d respectively, while the third quarter remained unchanged. The fourth quarter saw an increase of 0.3 mb/d over the same period in the previous year.
Forecast for 2012
The demand for OPEC crude for 2012 is projected to average 30.0 mb/d, unchanged from the last report, as both world oil demand and non-OPEC supply saw only minor adjustments. Within the quarters, only the fourth quarter experienced a downward revision of around 0.1 mb/d, while the others remained at the same level as in the previous report. Compared with the same time last year, the first, third and fourth quarters are projected to see negative growth of 0.1 mb/d, while the second quarter is expected to remain unchanged.