Balance of Supply and Demand - April 14

Source: OPEC_RP140412 4/10/2014, Location: Europe

Demand for OPEC crude in 2013 remained unchanged from the previous report to stand at 30.0 mb/d, which is 0.5 mb/d lower than the 2012 level. In 2014, the demand for OPEC crude saw a downward revision of 0.1 mb/d to average 29.6 mb/d, 0.4 mb/d less than last year.

Estimate for 2013
Demand for OPEC crude in 2013 remained unchanged from the previous report. Within quarters, the first and the third quarters remained unchanged, while the second quarter saw an upward revision of 0.1 mb/d. The fourth quarter experienced a downward adjustment of 0.1 mb/d. The demand for OPEC crude stood at 30.0 mb/d in 2013, representing a decrease of 0.5 mb/d from the 2012 level. The first quarter is estimated to remain unchanged versus the same quarter last year; while the second was lower by 0.3 mb/d. The third and the fourth quarters saw negative growth of 0.8 mb/d and 1.0 mb/d, respectively.

Forecast for 2014
Demand for OPEC crude for 2014 was revised down by 0.1 mb/d from the previous report, reflecting the upward adjustment of non-OPEC supply as world oil demand remained unchanged. Within quarters, the first and the third quarters were revised down by 0.1 mb/d, while the second and the fourth quarters remained unchanged versus last report. The demand for OPEC crude is forecast at 29.6 mb/d in 2014, a decrease of 0.4 mb/d from the previous year. The first and the second quarters are estimated to show a decline of 0.5 mb/d each, versus the same period last year. The third quarter is expected to see negative growth of 0.2 mb/d, while the fourth quarter is forecast to drop by 0.3 mb/d versus the same quarter last year.




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