 The OECD Pacific’s oil supply is forecast to average 0.54 mb/d in 2012, a drop of 30 tb/d from 2011 and an upward revision of 35 tb/d from last month. On a quarterly basis, it is estimated to average 0.51 mb/d, 0.54 mb/d, 0.57 mb/d and 0.54 mb/d respectively. Australian oil supply is expected to decline by 30 tb/d in 2012 to average 0.45 mb/d, constituting an upward revision of 35 tb/d from the previous MOMR. This came mainly from a historical revision to 2011 production, as well as to that of the first half of 2012. Updated new production data indicated that first-quarter supply declined from the fourth quarter, due to weather conditions. Second-quarter supply is reported to be higher than in the first quarter, as weather-related shutdowns return to operation. According to preliminary data, Australia’s supply averaged 0.44 mb/d during the first half of 2012, 40 tb/d lower than in the same period of 2011. On a quarterly basis, it is expected to stand at 0.43 mb/d, 0.46 mb/d, 0.48 mb/d and 0.45 mb/d respectively.
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