Forecast for Balance of Supply and Demand for 2012 –September 2012

Source: OPEC 9/27/2012, Location: Europe

Demand for OPEC crude for 2012 remains almost unchanged from the previous report as demand and non-OPEC supply saw only a minor adjustment. In quarterly terms, the first three quarters remains unchanged, while the fourth quarter has been revised up by 0.2 mb/d from the previous assessment. Demand for OPEC crude stands at 29.9 mb/d in 2012, representing a decline of 0.2 mb/d from a year ago. The first quarter is estimated to decline by 0.7 mb/d, the second and third are estimated to remain unchanged, while the fourth is forecast to see negative growth of 0.1 mb/d, all compared to the same period last year.

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