Forecast for Balance of Supply and Demand for 2012

Source: OPEC 3/27/2013, Location: Europe

Demand for OPEC crude for 2013 has been revised down by 0.1 mb/d from the previous report to stand at 29.7 mb/d. This represents a contraction of 0.4 mb/d compared with a year earlier. The downward revision came from an upward adjustment in non-OPEC supply as demand remained almost unchanged.

Within the quarters, 1Q13 and 2Q13 saw a downward adjustment of 0.1 mb/d, while 3Q13 and 4Q13 remained unchanged from the previous assessment. The first quarter is estimated to remain unchanged versus the same quarter last year; while 2Q13 and 3Q13 are expected to see negative growth of 0.8 mb/d each. The fourth quarter is forecast to increase by 0.1 mb/d versus the same quarter last year.

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