Middle East Oil Supply - August 2012

Source: OPEC 9/2/2012, Location: Middle East

Middle East oil supply is expected to decrease by 170 tb/d from 2011 to average 1.52 mb/d in 2012, representing an upward revision of 25 tb/d from the previous month. Within the Middle East, supply from Oman and Bahrain is expected to grow in 2012, while output in Yemen and Syria is seen to decline. Oman’s production is forecast to average 0.91 mb/d in 2012, representing growth of 20 tb/d from the previous year and flat from the last MOMR. The pipeline issues at Block 8 had an impact on the output of the project. Repairs to the damaged pipeline in Yemen were completed in mid-July and output started to resume at the shutdown fields. The shutdown of the Marib link, affecting 120 tb/d, lasted more than nine months. Production is expected to increase gradually to reach the level of the pre-pipeline attacks. Accordingly, an upward revision of 20 tb/d was introduced and oil supply from Yemen is expected to average 0.18 mb/d, a decline of 50 tb/d from the previous year. On a quarterly basis, Middle East supply is seen to average 1.46 mb/d, 1.53 mb/d, 1.54 mb/d and 1.57 mb/d respectively.


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