Balance of Supply & Demand Forecast for 2012 July 2012

Source: OPEC 7/26/2012, Location: Europe

Based on the first forecast for demand and non-OPEC supply (including OPEC NGLs and non conventional oil) for 2013, the demand for OPEC oil for next year is projected to decline for the second year running, by 0.3 mb/d to average 29.6 mb/d, The first quarter is expected to increase by 0.2 mb/d, while the following three quarters are projected to decline, with the bulk of the decrease in the fourth quarter, with a forecast drop of 0.7 mb/d.


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