Balance of Supply & Demand Forecast for 2012 - OCT 11

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

The demand for OPEC crude for 2012 is projected to average 29.9 mb/d, representing downward revision of 0.1 mb/d from the previously reported, as the downward adjustment in global demand outpaced the downward revision in non-OPEC supply. Within the quarters, the bulk of the revision came from 3Q and 4Q which were revised down by 0.4 mb/d and 0.3 mb/d respectively, while 2Q saw an upward adjustment of 0.1 mb/d. Required OPEC crude in 2012 is forecast to remain unchanged versus the current year. Estimated growth in 1Q is expected at 0.1 mb/d, followed by a contraction of 0.5 mb/d, while 3Q is forecast to remain unchanged. The final quarter of the year is expected to increase by 0.4 mb/d compared to the same period this year.


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