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

Source: OPEC 10/30/2012, Location: Europe

Demand for OPEC crude for 2012 is projected to average 30.1 mb/d, representing an upward revision of 0.2 mb/d from the previous month, driven by the upward adjustment in demand combined with the downward revision in non-OPEC supply. Within quarters, the first quarter saw an upward revision of 0.1 mb/d, while both the second and third quarters were revised up by 0.3 mb/d. The fourth quarter was revised up by 0.2 mb/d. The demand for OPEC crude in 2012 represents a decrease of 0.1 mb/d from the previous year. The first and fourth quarters are estimated to decline by 0.6 mb/d and 0.1 mb/d, respectively, versus the same quarter last year. The second quarter is estimated to increase by 0.2 mb/d, while the third quarter is projected to remain unchanged.

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