Balance of Supply and Demand - Aug 13

Source: OPEC_RP130812 8/10/2013, Location: Europe

Forecast for 2013
Demand for OPEC crude in 2013 remained almost unchanged from the previous report. The first and third quarters were unchanged, while the second and fourth quarters saw an upward revision of around 0.1 mb/d, reflecting upward adjustments in demand data as nonOPEC supply remained almost unchanged. The demand for OPEC crude stood at 29.9 mb/d in 2013, a decline of 0.4 mb/d from a year ago.

For 2013, the first quarter is estimated to drop by 0.3 mb/d from the same quarter last year; the second and third quarters are expected to see negative growth of 0.6 mb/d and 0.7 mb/d, respectively. The fourth is forecast to drop by 0.2 mb/d versus the same quarter last year.

Forecast for 2014
Demand for OPEC crude in 2014 saw a little change from the previous report to stand at 29.7 mb/d. This represents negative growth of 0.3 mb/d compared with 2013. The second quarter saw an upward revision of 0.1 mb/d from the previous assessment, while the other quarters remained unchanged.

For 2014, the first quarter is estimated flat versus the same quarter last year; the second and third are expected to see negative growth of 0.1 mb/d each. The fourth is forecast to drop by 0.9 mb/d versus the same quarter of this year


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