Balance of Supply and Demand - August 14

Source: OPEC_RP140812 8/11/2014, Location: Europe

Demand for OPEC crude in 2014 was revised down by 0.1 mb/d from the previous report to stand at 29.6 mb/d. In 2015, demand for OPEC crude is expected to remain unchanged to average 29.4 mb/d.

Forecast for 2014
Demand for OPEC crude in 2014 was revised down by 0.1 mb/d from the previous report, reflecting the upward adjustment of non-OPEC supply as well as the downward revision in global demand. The 3Q saw the greatest revisions, with the new demand reflecting a downward adjustment of 0.3 mb/d. All other quarters of 2014 remained unchanged from the previous assessment, with total demand for OPEC crude in 2014 estimated at 29.6 mb/d. The 1Q and 2Q are both estimated to show a decline of 0.9 mb/d and 1.2 mb/d, respectively, versus the same period last year. The 3Q is expected to show a decline of 0.2 mb/d while the 4Q is forecast to increase by 0.1 mb/d, compared with the same quarter last year.

Forecast for 2015
Expected demand for OPEC crude in 2015 remains unchanged from the previous month. Within the quarters, the 2Q15 was revised down by 0.1 mb/d, while all other quarters remained unchanged. Demand for OPEC crude is projected to be 29.4 mb/d. The 1Q15 is expected to decline by 0.2 mb/d compared with the same period of 2014, while the 2Q is forecast to remain unchanged. The 3Q and the 4Q are projected to see negative growth of 0.3 mb/d and 0.5 mb/d, respectively.


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