Balance of Supply & Demand Forecast for 2012 – June 2012

Source: OPEC 7/10/2012, Location: Europe

The demand for OPEC crude in 2012 is projected to average 29.9 mb/d, around 30,000 b/d less than in the previous report. Within the quarters, 1Q12 saw a downward adjustment of 0.3 mb/d, reflecting the downward revision of 230 tb/d in world oil demand combined with an upward revision of 40 tb/d in non-OPEC supply. In contrast, 4Q12 shows an upward revision of 0.1 mb/d, while 2Q12 and 3Q12 remain unchanged. Required OPEC crude is forecast to see negative growth of about 0.1 mb/d from 2011. 1Q12 is estimated to decline by 0.7 mb/d, 2Q12 is projected to increase by 0.1 mb/d, while 3Q12 and 4Q12 are both forecast to remain unchanged, all in comparison to their respective quarters a year ago.


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