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Balance of Supply and Demand - Sep 06

Source: OPEC_RP060913 9/15/2006, Location: Europe

Estimate for 2006
The estimated demand for OPEC crude in 2006 is expected to average 28.9 mb/d. On a quarterly basis, the new forecast shows that demand for OPEC crude is expected at 29.9 mb/d in the first quarter, 28.3 mb/d in the second, 28.7 mb/d in the third and 29 mb/d in the fourth. The estimated demand for OPEC has been reduced due to lower expectations for demand growth.

Forecast for 2007
The estimated demand for OPEC crude in 2007 is expected to average 28.1 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 29.2 mb/d in the first quarter, 27 mb/d in the second, 28 mb/d in the third and 28.4 mb/d in the fourth. The expected decline remains unchanged, but the absolute level for the required crude is expected to be slightly lower.

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