Balance of Supply and Demand - Jan 06

Source: OPEC_RP060113 1/20/2006, Location: Europe

The demand for OPEC crude in 2005 remains at 28.8 mb/d, representing an increase of 0.62 mb/d from 2004. However, the required crude for the fourth quarter has been revised down and is now estimated to be slightly lower than previously anticipated.

For 2006, the demand for OPEC crude is expected to average 28.7 mb/d, unchanged from last month’s report. However, the quarterly distribution has been revised. The new forecast shows that demand for OPEC crude is now expected at 30.1 mb/d in the first quarter, 27.7 mb/d in the second, 28.2 mb/d in the third and 28.7 mb/d in the fourth. In terms of OPEC capacity, capacity is expected to average around 33.5 mb/d ending the year at around 33.9 mb/d. This level is expected to be sufficient to cover demand needs for OPEC crude.


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