 OECD Pacific’s oil supply is projected to average 0.53 mb/d in 2013, indicating growth of 20 tb/d from this year. On a quarterly basis, total oil supply from Asia Pacific in 2013 is estimated to average 0.50 mb/d, 0.53 mb/d, 0.54 mb/d and 0.53 mb/d respectively. Australia’s oil output is forecast to increase by 30 tb/d in 2013 to average 0.45 mb/d. This will be driven by the expected new volumes from such developments as the Kipper, Tuna, Turrum, Chinchilla, Coniston and Montara projects. The expected growth is supported by the assumption that relatively minor weather-related shutdowns will occur during the cyclone season in 2013. On a quarterly basis, = Australia’s oil supply in 2013 is seen to stand at 0.42 mb/d, 0.46 mb/d, 0.47 mb/d and 0.45 mb/d respectively. New Zealand’s oil supply is estimated to decline by 10 tb/d over 2012 to average 80 tb/d in 2013. The expected declines at mature fields are seen to drive the expected drop in supply in 2013, coupled with limited new developments.
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