Balance of Supply & Demand Forecast for 2012 – November 2011

Source: OPEC 11/22/2011, Location: Europe

The demand for OPEC crude for 2012 is projected to average 30.0 mb/d, 0.1 mb/d higher than in the previous report. This upward revision came solely from the downward adjustment in non-OPEC supply. Within the quarters, 1Q was revised up by 0.2 mb/d and all other quarters were revised up by 0.1 mb/d. The required OPEC crude is forecast to remain unchanged in 2012 from this year. 1Q12 is estimated to see growth of 0.3 mb/d, followed by negative growth of 0.4 mb/d and 0.2 mb/d in 2Q and 3Q, respectively. 4Q12 is forecast to see an increase of 0.3 mb/d compared to the same period last year.


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