Balance of Supply & Demand Forecast for 2012 February 2012

Source: OPEC 2/10/2012, Location: Europe

The demand for OPEC crude for 2012 is projected to average 30.0 mb/d, about 0.1 mb/d lower than in the previous report, driven mainly by a downward revision to demand, outweighing a marginal lower revision in non-OPEC supply. In quarterly terms, the first quarter saw the bulk of the adjustment, being revised down by 0.3 mb/d, followed by 0.1 mb/d downward revisions to the second and fourth quarters, while the third remained unchanged from the previous assessment. The required OPEC crude is forecast to show a decline of 0.1 mb/d from the previous year. The first and third quarters are estimated to see negative growth of 0.1 mb/d, while the second is expected to see negative growth of 0.2 mb/d and the fourth quarter is expected to remain unchanged.


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