Balance of Supply & Demand Forecast for 2012 – June 2012

The demand for OPEC crude in 2012 is projected to average 29.9 mb/d, around 30,000 b/d less than in the previous report. Within the quarters, 1Q12 saw a downward adjustment of 0.3 mb/d, reflecting the downward revision of 230 tb/d in world oil demand combined with an upward revision of 40 tb/d in non-OPEC supply. In contrast, 4Q12 shows an upward revision of 0.1 mb/d, while 2Q12 and 3Q12 remain unchanged. Required OPEC crude is forecast to see negative growth of about 0.1 mb/d from 2011. 1Q12 is estimated to decline by 0.7 mb/d, 2Q12 is projected to increase by 0.1 mb/d, while 3Q12 and 4Q12 are both forecast to remain unchanged, all in comparison to their respective quarters a year ago.

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• Sadara Announces Completion of Financial Signing 
• Japan to Lend $1.24B to Iraq for Port & Refinery 
• Oil Market Highlights - Jun 13 
• Oil Market Challenges for Second Half of 2013 - Jun 13 
• Balance of Supply and Demand - Jun 13 
• The First BRICS Summit in Africa 
• Asian Developing Countries Oil Demand in May 2013 
• Investment Flows into Commodity Markets in April 2013 
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• OPEC Daily Basket Price Stood at $59.05 a Barrel 
• OPEC Daily Basket Price Stood at $59.76 a barrel 
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