Balance of Supply and Demand Forecast for 2011 - OCT 11

Source: OPEC 10/11/2011, Location: Europe

Demand for OPEC crude for this year remained unchanged from the previous assessment as the downward adjustment in world oil demand offset the downward revision in non- OPEC supply. Within quarters, the first two quarters experienced a positive revision of 0.1 mb/d, while 3Q remained almost unchanged. However, 4Q saw a downward revision of 0.2 mb/d. At 29.9 mb/d, the demand for OPEC crude stood at 0.1 mb/d above 2010. The first and the second quarters of 2011 showed growth of 0.8 mb/d and 0.1 mb/d respectively, while the third quarter is estimated to see a contraction of 0.4 mb/d. The fourth quarter is expected to remain unchanged compared to the same period last year.


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