Balance of Supply & Demand Forecast for 2012 – March 2012

Source: OPEC 3/17/2012, Location: Europe

The demand for OPEC crude for 2012 is projected to average 30.0 mb/d, unchanged from the last report, as the downward revision in world oil demand offset the downward adjustment in non-OPEC supply. Within quarters, the revision was mixed as 1Q12 and 2Q12 saw an upward adjustment of 0.1 mb/d and 0.2 mb/d, respectively, while 4Q12 was revised down by 0.2 mb/d. The 3Q12 remained unchanged from the previous assessment. Required OPEC crude is forecast to show a decline of 0.1 mb/d from the previous year. Estimates for 1Q12 and 3Q12 expect negative growth of 0.1 mb/d for both quarters, while 2Q12 is expected to remain unchanged. 4Q12 is projected to see negative growth of 0.2 mb/d compared to the same quarter last year.


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