Gulf Oil and Gas accountACCOUNT

Balance of Supply and Demand - Apr 07

Source: OPEC_RP070405 4/16/2007, Location: Europe

Estimate for 2006
The demand for OPEC crude in 2006 is estimated to average 30.4 mb/d. On a quarterly basis, the estimate shows that demand for OPEC crude was 31.3 mb/d, 29.6 mb/d, 30.1 mb/d and 30.7 mb/d respectively. According to secondary sources, total OPEC crude capacity was 34.8 mb/d at theend of 2006, up from 33.8 mb/d at the end of 2005.

Forecast for 2007
The demand for OPEC crude in 2007 is expected to average 30.28 mb/d, around 0.14 mb/d less than the 2006 figure. On a quarterly basis, the forecast shows that demand for OPEC crude is expected at 30.93 mb/d, 29.32 mb/d, 30.38 mb/d and 30.50 mb/d respectively. The balance for the first quarter 2007 currently stands at around minus 0.9 mb/d.

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