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OECD Asia Pacific’s oil production is forecast to average 0.51 mb/d in 2012, flat over 2011 and a downward revision of 25 tb/d from a month ago. Australia’s and New Zealand’s oil supply are expected to remain flat in 2012. On a quarterly basis, OECD Pacific’s oil supply is seen to average 0.48 mb/d, 0.53 mb/d, 0.53 mb/d and 0.49 mb/d respectively.
Australia’s oil supply is expected to average 0.42 mb/d in 2012, flat from the previous year and a downward revision of 25 tb/d from the previous MOMR. This revision has occurred on the back of updated production data for the first quarter, which was partly carried over to the rest of the year. In addition, the shutdown of the Tantanna pipeline is expected to affect some production which supported the downward revision. The startup of the small Bauer field partly offset some of the downward revision. On a quarterly basis, Australian supply is seen to average 0.40 mb/d, 0.44 mb/d, 0.44 mb/d and 0.41 mb/d respectively.
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