Balance of Supply and Demand

Source: OPEC_RP141112 11/12/2014, Location: Europe

Demand for OPEC crude in 2014 remained unchanged from the previous report to stand at 29.5 mb/d, which is 0.8 mb/d lower than the 2013 level. Demand for OPEC crude in 2015 was also unchanged to average 29.2 mb/d, a decline of 0.3 mb/d from the current year.

Estimate for 2014
Demand for OPEC crude for 2014 has remained unchanged from the previous report. The demand for OPEC crude is estimated at 29.5 mb/d in 2014, representing a decrease of 0.8 mb/d from the year-ago level. The first and the second quarters are estimated to show a decline of 0.9 mb/d and 1.5 mb/d, respectively, versus the same period last year. The third quarter is expected to decline by 0.5 mb/d while the fourth quarter is forecast to increase by 0.2 mb/d compared with the same quarter last year.

Forecast for 2015
Demand for OPEC crude for 2015 also remained in line with the previous assessment. The demand for OPEC crude is projected at 29.2 mb/d, representing a decrease of 0.3 mb/d from the estimated 2014 level. The first quarter is expected to decline by 0.4 mb/d compared with the same period last year, while the second quarter is forecast to decline by 0.1 mb/d. The third and the fourth quarters are projected to see a contraction of 0.2 mb/d and 0.3 mb/d, respectively, from the same period in the previous year.




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