Forecast for Balance of Supply and Demand for 2013– October 2012
Source: OPEC 11/3/2012, Location: Europe
Demand for OPEC crude for 2013 has been revised up by 0.2 mb/d, reflecting the downward revision to non-OPEC supply, as global demand remained unchanged. Within the quarters, the first and second quarter saw an upward adjustment of 0.3 mb/d, while the third and fourth quarters experienced an upward revision of 0.2 mb/d each.
The demand for OPEC crude is forecast to average 29.8 mb/d, representing a decline of 0.3 mb/d from the previous year. The first quarter is estimated to increase by 0.3 mb/d versus the same quarter last year. All other quarters are expected to see negative growth, with the bulk of the decrease coming from the third quarter, contracting by 0.6 mb/d, while the second and fourth quarters are forecast to decline by 0.5 mb/d.
The demand for OPEC crude is forecast to average 29.8 mb/d, representing a decline of 0.3 mb/d from the previous year. The first quarter is estimated to increase by 0.3 mb/d versus the same quarter last year. All other quarters are expected to see negative growth, with the bulk of the decrease coming from the third quarter, contracting by 0.6 mb/d, while the second and fourth quarters are forecast to decline by 0.5 mb/d.
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