Balance of Supply and Demand - August 06

Source: OPEC_RP060813 8/16/2006, Location: Europe

Estimate for 2006
The estimated demand for OPEC crude in 2006 is expected to average 29.1 mb/d, representing an upward revision of 0.2 mb/d versus last month. On a quarterly basis, the estimate shows that demand for OPEC crude is expected at 29.9 mb/d in the first quarter, 28.5 mb/d in the second, while the new forecast shows 28.8 mb/d in the third and 29.2 mb/d in the fourth. The estimated demand for OPEC has been revised up 0.2 mb/d in 3Q06 and 0.3 mb/d in 4Q06, driven by lower than expected non-OPEC supply.

Forecast for 2007
The projected demand for OPEC crude in 2007 is expected to average 28.3 mb/d, representing a decline of 0.8 mb/d versus 2006. On a quarterly basis, the forecast shows that demand for OPEC crude is expected at 29.3 mb/d in the first quarter, 27.2 mb/d in the second, 28.1 mb/d in the third and 28.7 mb/d in the fourth.


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