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Balance of Supply and Demand - June 14

Source: OPEC_RP140612 6/12/2014, Location: Europe

Demand for OPEC crude in 2013 remained unchanged from the previous report to stand at 30.1 mb/d, which is 0.4 mb/d lower than the 2012 level. Demand for OPEC crude in 2014 also experienced a downward revision of 0.1 mb/d to average 29.4 mb/d, some 0.4 mb/d below the previous year.

Estimate for 2013
Demand for OPEC crude for 2013 was unchanged from the previous month with all the quarters remaining unchanged. The demand for OPEC crude stood at 30.1 mb/d in 2013, representing a decrease of 0.4 mb/d from the previous year. The first quarter was 0.2 mb/d higher than the same period in 2012, while the second was lower by 0.1 mb/d. The third and the fourth quarters saw a contraction of 0.7 mb/d and 0.8 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 and OPEC NGLs remained unchanged. All quarters were revised down by 0.1 mb/d. The demand for OPEC crude is projected at 29.7 mb/d in 2014, representing a decrease of 0.4 mb/d from last year’s level. The first and the second quarters are estimated to show a decline of 0.8 mb/d and 0.6 mb/d respectively versus the same period last year. The third quarter is expected to decline by 0.1 m/d, while the fourth is forecast to drop by 0.3 mb/d versus the same quarter last year.

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