Forecast for Balance of Supply and Demand for 2013– September 2012

Source: OPEC 10/6/2012, Location: Europe

Demand for OPEC crude in 2013 remains unchanged from the previous report to stand at 29.5 mb/d. This represents negative growth of 0.4 mb/d compared to 2012. Within the quarters, the first and fourth quarters saw an upward adjustment of 0.1 mb/d, while the second and third remain unchanged from the previous assessment. The first quarter is estimated to increase by 0.2 mb/d versus the same quarter last year; while all other quarters are expected to see negative growth, with the bulk of the decrease coming from 2Q13, with a decline of 0.6 mb/d. The third and fourth quarter are forecast to drop by 0.5 mb/d.

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