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

Source: OPEC 12/24/2012, Location: Europe

Demand for OPEC crude for 2013 remains unchanged from the previous report to stand at 29.7 mb/d. This represents negative growth of 0.4 mb/d, compared with 2012. Within the quarters, the first, second, and fourth saw upward adjustments of 0.1 mb/d each, while the third saw a downward revision of 0.2 mb/d from the previous assessment. The first quarter is estimated to increase by 0.3 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 third, which is seen falling by 0.7 mb/d. The second and fourth quarters are forecast to drop by 0.6 mb/d and 0.5 mb/d respectively.

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