Asia Pacific Oil Supply - March 2012

Source: OPEC 3/18/2012, Location: Europe

The OECD Asia Pacificís oil supply is predicted to average 0.54 mb/d in 2012, representing a minor increase of 30 tb/d, compared with the previous year, steady from the previous month. The anticipated growth is seen as coming from Australia, while New Zealandís supply is likely to remain unchanged. On a quarterly basis, OECD Asia Pacific supply is seen to average 0.51 mb/d, 0.56 mb/d, 0.55 mb/d and 0.52 mb/d respectively. Australiaís oil output is estimated to increase by 30 tb/d in 2012 to average 0.45 mb/d, steady from a month earlier.

First-quarter oil production is expected to be the lowest among all the yearís quarters, due to weather-related shutdowns. After Cyclone Iggy, production restarted at the Enfield oil field, as well as at the Cossack, Wanaea, Lambert and Hermes fields. Output from the Vincent field remains shut. After the heavy decline experienced in 2011, Australiaís oil supply is expected to increase slightly in 2012, yet operatorsí ability to ramp-up output and resolve technical problems will be a main factor in achieving the expected growth. On a quarterly basis, Australian supply is expected to average 0.42 mb/d, 0.46 mb/d, 0.46 mb/d and 0.43 mb/d respectively.


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