Balance of Supply & Demand Forecast for 2012 December 2011

Source: OPEC 12/20/2011, Location: Europe

The demand for OPEC crude in 2012 is projected to average 30.1 mb/d, about 0.1 mb/d higher than in the previous report. This upward revision came as the downward adjustment in non-OPEC supply outpaced the downward revision in global demand. Within the quarters, 1Q12 and 4Q12 were revised down by 0.1 mb/d, while 2Q12 and 3Q12 saw an upward adjustment of 0.3 mb/d and 0.2 mb/d respectively. Required OPEC crude is forecast to see an increase of about 0.1 mb/d from this year. 1Q12 is estimated to see growth of 0.2 mb/d, followed by negative growth of 0.1 mb/d and 0.2 mb/d in 2Q12 and 3Q12 respectively. 4Q12 is forecast to see an increase of 0.3 mb/d compared to a year earlier at the same period.


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