Balance of Supply and Demand - Feb 06

Source: OPEC_RP060213 2/15/2006, Location: Europe

Estimate for 2005: The demand for OPEC crude in 2005 has been revised down to 28.6 mb/d from 28.8 mb/d last month, but still represents an increase of 0.6 mb/d from 2004. In particular, the required crude for the fourth quarter has been revised down by 0.6 mb/d to 29.5 mb/d, compared with average OPEC production during the quarter of 29.9 mb/d.

Forecast for 2006: The demand for OPEC crude is expected to average 28.5 mb/d, representing a downward revision of 0.2 mb/d versus last month. The new forecast shows that demand for OPEC crude is expected at 30.2 mb/d in the first quarter, 27.6 mb/d in the second, 27.9 mb/d in the third and 28.3 mb/d in the fourth, representing a downward revision of 0.1 mb/d in the second, 0.3 mb/d in the third, and 0.4 in the fourth quarter, respectively.


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