Forecast for 2015 Balance of Demand
Source: OPEC 12/11/2014, Location: Europe
Demand for OPEC crude in 2015 was also revised down by 0.3 mb/d to stand at 28.9 mb/d, which is 0.4 mb/d less than the estimated level for 2014. All the quarters were revised down. This downward revision reflects the upward adjustment of non- OPEC supply as well as the downward revision in global demand. The first and third quarters are expected to decline by 0.5 mb/d when compared to the same period last year. The second and fourth quarters are projected to see a contraction of 0.3 mb/d and 0.4 mb/d, respectively.
