Total OECD Asia Pacific oil supply is forecast to decline by 70 tb/d and average 0.49 mb/d in 2013, representing a steady state from the previous month. The expected annual figure is the lowest level since 1982.
On a quarterly basis, total OECD Asia Pacific supply is seen to average 0.45 mb/d, 0.49 mb/d, 0.53 mb/d and 0.51 mb/d, respectively.
Australia’s oil supply is expected to average 0.42 mb/d in 2013, a decline of 60 tb/d, flat from the previous MOMR. The expected annual average is the lowest level since 1972. Limited new developments and natural decline remain the major characteristics of Australia’s oil supply. According to preliminary data, Australia’s oil supply averaged 0.41 mb/d, a decline of 80 tb/d compared to the same period a year earlier. Australia’s monthly oil supply indicated an annual decline in all the months during the first three quarters with an average decline of of 70 tb/d.
On a quarterly basis, Australia’s oil supply is seen to average 0.37 mb/d, 0.41 mb/d, 0.45 mb/d and 0.44 mb/d, respectively.