Forecast for Balance of Supply and Demand for 2013

Source: OPEC 1/27/2013, Location: Europe

Demand for OPEC crude for 2013 has been revised down by 0.1 mb/d from the previous report to stand at 29.7 mb/d. This represents a contraction of 0.4 mb/d compared to 2012. This downward revision came from the upward adjustment in non-OPEC supply, as world oil demand remained unchanged. Within the quarters, 1Q13 and 3Q13 were revised down by 0.2 mb/d, while the other quarters were adjusted lower by 0.1 mb/d. The first quarter is estimated to increase by 0.1 mb/d versus the same quarter last year, while 2Q13 and 3Q13 are expected to see negative growth of 0.8 mb/d. The fourth quarter is seen dropping by 0.2 mb/d.

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