Estimate for 2008
Demand for OPEC crude is estimated to average 30.8 mb/d, indicating a decline of 0.3 mb/d, following a slight downward revision from last month. On a quarterly basis, demand for OPEC crude is estimated at 31.7 mb/d, 30.4 mb/d, 30.8 mb/d and 30.3 mb/d respectively.
Forecast for 2009
The supply/demand balance for 2009 has again been revised down to reflect lower demand and lower supply expectations. The demand for OPEC crude is expected to average 28.7 mb/d, following a downward revision of 0.3 mb/d from last month’s assessment. This represents a substantial decline of 2.1 mb/d over the previous year. The quarterly distribution shows that demand for OPEC crude is now expected to be 29.1 mb/d, 28.5 mb/d, 28.6 mb/d, and 28.8 mb/d respectively.