Balance of Supply and Demand - Dec 13

Source: OPEC_RP131212 12/10/2013, Location: Europe

Estimate for 2013
Demand for OPEC crude in 2013 remained unchanged from the previous report as world oil demand and non-OPEC supply saw only a minor adjustment.

All quarters remained broadly unchanged from the previous month. Demand for OPEC crude stood at 29.9 mb/d in 2013, representing a decline of 0.6 mb/d from last year’s level. The first and second quarters are estimated to fall by 0.2 mb/d and 0.4 mb/d, respectively, versus the same quarters last year; while the third and fourth quarters are expected to experience negative growth of 1.1 mb/d and 0.5 mb/d respectively.

Forecast for 2014
Demand for OPEC crude in 2014 remained unchanged from the previous report with a forecast of 29.6 mb/d. This represents a decline of 0.3 mb/d compared to the estimate for the current year.

All the quarters remained unchanged from the previous report. The first and second quarters are projected to show declines of 0.1 mb/d and 0.3 mb/d, respectively, versus the same period last year. The third quarter is expected to see positive growth of 0.1 mb/d, while the fourth is forecast to decline by 0.8 mb/d versus the same quarter last year.


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