Balance of Supply & Demand Forecast for 2012 – May 2012

Source: OPEC 5/30/2012, Location: Europe

Demand for OPEC crude in 2012 is projected to average 30.0 mb/d, unchanged from the previous report. Within the quarters, the first has seen a downward adjustment of 0.3 mb/d, reflecting an upward revision of 0.4 mb in non-OPEC supply and 0.1 mb/d in world oil demand. In contrast, the second and the third quarters each show an upward revision of 0.1 mb/d, while the fourth quarter remains unchanged. Required OPEC crude is forecast to see negative growth of 0.1 mb/d, vis-ΰ-vis last year. The first quarter is estimated to decline by 0.4 mb/d, compared with the same quarter last year, while the second quarter is projected to increase by 0.1 mb/d. The third and the fourth quarters are forecast to remain unchanged from the same period last year.


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